How Long Will Bitcoin Hold $87K?

Bitcoin had a good start to the week on Monday, surging from $86k to $88,772. The hike sparked hopes a climb above $90k.

However, trading action on Tuesday softened the stance and speculation of the asset climbing higher. The apex coin may end the session with a doji as it trades at its opening price.

The uptrend, which started on Sunday with an almost 3% increase, is ending as selling pressure gradually increases. At the time of writing, BTC is grappling with notable selling congestion.

Nonetheless, data from CryptoQuant shows significant buying actions unfolding. The exchange reserves have significantly reduced over the last 24 hours. Dropping almost 1%, the decline in reserve is buoyed by the massive outflows from these trading platforms. Investors moved 7000% more assets than in the previous session.

Long-term holders are seeing less pressure, resulting less movement from them. However, the aSOPR shows growing selling pressure. More traders are taking profit, explaining the ongoing price trend. It is worth noting that the net unrealized profit and loss is dropping.

Nonetheless, Bitcoin is seeing significant network activity. Transfer volume surged 268% in the last 24 hours, while active addresses plummeted 11%. Transactions on the increased by over 200%.

US traders show increased buying pressure during this period. The Coinbase premium is positive, indicating significant bullish stance on Tuesday compared to Monday. The Korea Premium indicates lesser selling pressure in the last 24 hours from the Asian market.

It is worth noting that fundamentals are negative

The post How Long Will Bitcoin Hold $87K? appeared first on Cointab.