Why the price of bitcoin can fall soon

Thanks to the moderate growth of the cryptocurrency, Bitcoin managed to rise to $ 108,000. However, some onchain-metrics hint that the growing sales pressure can sell the BTC price below $ 105,000.

We figure out what is happening in the Bitcoin market (BTC) and what to expect from the price of cryptocurrency.

The pressure on the sale of bitcoin is intensified

According to Cryptoquant, an indicator of explicit demand for BTC again became negative -at the time of publication it is -36.98. This metric is based on a 30-day sliding average (SMA) and serves to measure the balance between new market demand and two key sources of supply: recently mined coins and those that were spent by long-term holders (LP) who were previously inaction.

Negative values ​​of the indicator signal that the activity of buyers does not have time for a growing offer on the market. This indicates the weakness of the market caused by recent geopolitical stresses associated with Israel, Iran and the USA.

Data on the ratio of long and short positions of BTC confirm a bear scenario. At the time of publication, the ratio is 0.96 – this suggests that more traders are put against the coin. This reflects the strengthening of bear mood and the expectation of further decline.

Bitcoin’s growth growth threatens to fall up to $ 105,000

At the time of writing, the BTC is traded at $ 108 102. If buyers can not cope with the growing offer, the price of retest is $ 107,745. If this level does not hold on, BTC risks falling below $ 105,000 – probably up to $ 104 709.

On the other hand, if the demand for BTC increases, this can stop further losses. In this case, the BTC will receive a chance to bounce, overcome the resistance by $ 109,304 and try to reached the historical maximum $ 111,917 again.

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