Bitcoin had a splendid performance during the previous intraday session. It registered a new high as it edged closer to $100k.
Several speculations pointed to the assets flipping $100,000, with one pointing to the flip happening before Jan. 20. This prediction may come in earlier following the apex coin’s latest price actions, which saw it edge closer to the mark.
BTC opened the previous session at $88k and dropped to a low of $86k before rebounding. Many thought the decline was a continuation of Tuesday’s correction, which saw the asset dip to a low of $85k and register its first red candle in more than seven days of uptrends.
The bulls regained control around this mark, causing a surge. It continued, reclaiming $90k, and shot upward, breaking $92k and peaking at $93,483(the new ATH)—the new all-time reinstated belief of the asset breaking $100k this month.
However, onchain metric points to a possible change in price trajectory.
The Bulls are Getting Exhausted
Data from IntoTheBlock points to growing bearish sentiment among traders. One sign of this is the gradual decline in big transactions. Transfers worth over $100k dropped from 19527 on Nov. 12 to 17400 during the previous intraday session.
Nonetheless, the number of active addresses has significantly grown over the last seven days as more traders buy into the asset. The metric shows a notable growth in small bag wallets, showing retailers are getting involved.
Holders’ composition by time-held shows that 5% of the current holders bought the cryptocurrency within the last thirty days, with the bulk in the previous fourteen days. However, the asset sees significant outflows. Inflows into exchanges exceeded $538 million on Tuesday, but outflows picked up in the last intraday session, exceeding $353 million.
Data from CryptoQuant points to traders moving their assets from cold storage. Exchanges’ netflow total shows that the transfers into these trading platforms during the previous intraday session were 150% higher than Tuesday’s. Exchange reserves are also growing over the last 24 hours. Both metrics point to a possible change in price trajectory as selling pressure mounts.
Traders in the Asian market are fully bearish at the time of writing. They are relatively bearish, as some sell off their bags. Nonetheless, US traders are still bullish, as indicated by the positive Coinbase premium. They are also stacking up on cryptocurrency, as indicated by the positive Funds premium.
Miners are currently selling but not aggressively. The number of Bitcoin they sold over the last 24 hours was 43% lower than Tuesday’s.
Fears of Bitcoin Dipping Increases
The net unrealized profit and loss show massive unrealized profit. IntoTheBlock says that every Bitcoin holder is currently in profit. This factor may fuel the next bearish traders as more traders may move to take profit.
In anticipation of the profit-taking, long-term investors are moving their assets to trading platforms. Transfer volume increased by over 97% over the last 24 hours. Investors are also taking profit with more addresses selling their bags.
This is not the first time these metrics indicate an impending selloff. The warning remained constant for most of the last fourteen days, and traders ignored the blaring warnings. The trend may continue in the coming days, and the apex coin may gradually edge closer to $100k
One important sector to keep a close eye on is ETFs. This market fueled numerous price surges and may continue to do so. Data SoSoValue shows a more $1.3 billion inflow in the US spot ETFs on Nov. 11, and Bitcoin surged by $8k in response. The apex coin surged by $2k as inflows in this instrument hit $510 million.
If investors sustain the buying pressure in this sector, the largest cryptocurrency will break above $100k before the end of November.
Nonetheless, the surge may not be quick. Previous price movements suggest BTC may hover around a price mark before the flip. For example, prices hovered around $75k and $77k before flipping $80k. It may trade between $92k and $95k before the surge.
