- BTC was up by more than 2.5% in the last 24 hours, along with a hike in volume.
- Market sentiment turned bearish on BTC, as did a few metrics.
Bitcoin [BTC] has shocked investors over the last month, thanks to its latest bull rally. As we entered the second month of the last quarter, a key indicator turned bullish.
Read Bitcoin’s [BTC] Price Prediction 2023-24
The market’s confidence in Bitcoin is low
Over the last seven days, the king of cryptos’ price has rallied by over 3%. Though the momentum had dropped, its price chart still remained in the green. According to CoinMarketCap, BTC’s value rose by over 2.5% in just the last 24 hours.
At the time of writing, it was trading at $35,379.27 with a market capitalization of more than $690 billion.
The better news was that its 24-hour trading volume also surged by more than 90%, suggesting that investors were actively trading the coin.
While the coin’s price went up, market sentiment turned in the sellers’ favor. This was evident from the data AMBCrypto analyzed via LunarCrush, which showcased that bullish sentiment around the token had dropped.
Not only that, but Social Engagements also plummeted last week, meaning that Bitcoin’s popularity had somewhat declined.
Will Bitcoin surprise investors again?
Though market sentiment looked bearish on the king of cryptos, CryptoCon, a popular X (formerly Twitter) account highlighted a key bullish metric. As per the tweet, one of the most important Bitcoin indicator breakout for the cycle has just occurred for a rare second time this cycle.
Not only does this typically spell good things to come in the short term, but it also marks the beginnings of all the largest historical moves.
The most important #Bitcoin indicator breakout for the cycle has just occurred for a rare 2nd time this cycle.
Not only does this typically spell good things to come in the shorter term, but it also marks the beginnings of all of the largest historical moves:
– The bull run in… pic.twitter.com/WWlKPEy4u7
— CryptoCon (@CryptoCon_) November 1, 2023
Therefore, a closer look at the blockchain’s stats sheds light on what to expect from it. As per additional data analyzed by AMBCrypto via CryptoQuant, selling pressure on BTC was high at press time. This was evident from the fact that its exchange reserve was increasing.
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Its aSORP was also in the red, meaning that more investors were selling the token at a profit, which could indicate a possible market top.
Nonetheless, BTC’s derivatives metrics like Funding Rate and Taker Buy Sell Ratio were green, indicating that investors in the futures market were buying BTC at its higher price at the time of publication.