U.Today – Traders are closely watching the development of a mini death cross — a crossover of the 50 and 100 EMAs — as price falls. This is not as scary as the crossover of the 100 and 200 EMAs, but it is a sign of possible increased selling pressure.
Nevertheless, Bitcoin seems to have escaped this bearish pattern and is unlikely to face it again. Bouncing off essential support levels and continuing its upward trajectory, Bitcoin’s price action has shown resilience. A mini death cross scenario has not materialized yet, as the 50 EMA is still above the 100 EMA. This suggests that the increased selling pressure that some were expecting may not be coming to the market.
This bullish outlook is supported by on-chain data. A total of 72% of Bitcoin addresses are in the money, meaning they contain Bitcoins purchased for less than their current market value.
This indicates a high degree of investor confidence and possible support levels that could contain additional losses. Furthermore, the correlation between volume and price suggests that Bitcoin is receiving a steady stream of capital inflows, which is necessary to maintain stable price levels.
Currently, the price is at the $67,105 critical point, where almost 89,000 addresses are in the money, creating a powerful support zone. The overall market sentiment remains cautiously bullish. Bitcoin’s ability to hold above significant moving averages and support levels suggests that its uptrend may continue despite recent volatility. To see which way the market may be moving, traders and investors should closely monitor rapid price movements and on-chain indicators to anticipate an boost in selling pressure.
