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bitcoin

Bitcoin Dip Nearing End? Data Shows Short-Term Sellers Losing Steam

Ash Tiwari
by Ash Tiwari
2 weeks ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin (BTC) has dropped 4.4% over the past seven days, raising concerns that the top cryptocurrency by market cap may face a sharp price crash amid global macroeconomic uncertainty. However, fresh on-chain data suggests the current dip may be nearing its end.

Bitcoin Dip Inching Closer To Its End

According to a recent post on X by crypto analyst CryptoGoos, the ongoing Bitcoin dip appears to be losing momentum. The analyst shared the following chart, noting that short-term BTC sellers are “getting exhausted.”

goos
Source: CryptoGoos on X

The chart illustrates the Bitcoin buy/sell pressure delta, which measures the difference between buying and selling activity on exchanges – typically using order book data or on-chain flows. A positive delta indicates stronger buying interest, while a negative delta suggests higher selling pressure.

Related Reading: Bitcoin Riding Global Liquidity Wave? Analyst Eyes $150,000 Target

A visible reduction in the intensity and frequency of red spikes – representing sell pressure – toward the right side of the chart suggests that selling pressure is weakening. At the same time, the increasing presence of green spikes reflects rising dominance of buy orders over sell orders.

Meanwhile, crypto analyst Titan of Crypto pointed to a potential bullish pennant forming on the daily Bitcoin chart. He noted that the price’s next major move could depend on the upcoming US Federal Reserve’s FOMC (Federal Open Market Committee) meeting.

titan
Source: Titan of Crypto on X

Similarly, crypto trader Merlijn The Trader shared a bullish outlook, noting that Bitcoin’s Moving Average Convergence Divergence (MACD) indicator has flipped green on the weekly chart while maintaining its current structure.

merlijn
Source: Merlijn The Trader on X

For the uninitiated, the MACD is a momentum indicator used to spot changes in the strength and direction of a trend in prices. It does this by comparing two moving averages of a price and shows signals when those lines cross, helping traders decide when to buy or sell.

BTC Must Defend This Support Level

In a separate X post, seasoned analyst Ali Martinez highlighted a critical support level that Bitcoin must hold to avoid a major correction. Citing the Market Value to Realized Value (MVRV) Pricing Bands, Martinez warned that if BTC falls below $102,044, it could drop as low as $82,570.

Related Reading: Bitcoin Shows Strength, But Binance Open Interest Divergence Flags Caution

Further, fresh exchange data shows that Bitcoin trading activity has tumbled across all major trading platforms. Notably, BTC trading volumes across leading exchanges recently hit multi-year lows.

Despite this, the Puell Multiple suggests that there may still be some room to grow for BTC price. At press time, BTC trades at $104,713, up 0.4% in the past 24 hours.

bitcoin
BTC trades at $104,713 on the daily chart | Source: BTCUSDT on TradingView.com
Featured Image from Unsplash.com, charts from X and TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ash Tiwari

Ash Tiwari

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Ash is a seasoned freelance editor and writer with extensive experience in the blockchain and cryptocurrency industry. Over the course of his career, he has contributed to major publications, playing a key role in shaping informative, timely content related to decentralized finance (DeFi), cryptocurrency trends, and blockchain innovation. His ability to break down complex topics has allowed both seasoned professionals and newcomers to the industry to benefit from his work. Beyond these specific roles, Ash's writing expertise spans a wide array of content, including news updates, long-form analysis, and thought leadership pieces. He has helped multiple platforms maintain high editorial standards, ensuring that articles not only inform but also engage readers through clarity and in-depth research. His work reflects a deep understanding of the rapidly evolving blockchain ecosystem, making him a valuable contributor in a field where staying current is essential. In addition to his writing work, Ash has developed a strong skill set in managing content teams. He has led diverse groups of writers and researchers, overseeing the editorial process from topic selection, approval, editing, to final publication. His leadership ensured that content production was timely, accurate, and aligned with the strategic goals of the platforms he worked with. This has not only strengthened his expertise in content strategy but also honed his project management and team coordination skills. Ash's ability to combine technical expertise with editorial oversight is further bolstered by his knowledge of blockchain analysis tools such as Etherscan, Dune Analytics, and Santiment. These tools have provided him with the data necessary to create well-researched, insightful articles that offer deeper market perspectives. Whether it’s tracking the movement of digital assets or analyzing blockchain transactions, his analytical approach adds value to the content he produces, ensuring readers receive accurate and actionable information. In the realm of content creation, Ash is not limited to just cryptocurrency markets. He has demonstrated versatility in covering other emerging technologies, market trends, and digital transformation across various industries. His in-depth research, coupled with a sharp editorial eye, has made him a sought-after professional in the freelance writing community. From developing editorial calendars to managing content delivery schedules, he has honed a meticulous approach to project management that ensures timely, high-quality work delivery. Throughout his freelance career, Ash has consistently focused on improving audience engagement through well-researched, insightful, and relevant content. His ability to adapt to the evolving needs of clients, whether it's enhancing the visibility of digital platforms or producing thought-provoking pieces for a wide range of audiences, sets him apart as a dynamic force in the field of digital content creation. His contributions have helped to shape a well-rounded portfolio that showcases his versatility, technical expertise, and dedication to elevating the standards of journalism in blockchain and related sectors.

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