Bitcoin [BTC]: Trend reversal on the horizon? Analysts say…

Bitcoin [BTC]: Trend reversal on the horizon? Analysts say...

, BTC’s exchange reserve was also on the rise, suggesting higher selling pressure. On top of that, the aSORP was also in the red, so more investors were selling at a profit, indicating a possible market top.

Demand from the derivatives market also seemed to dwindle, as BTC’s taker buy sell ratio suggested that selling sentiment was dominant in the futures market. According to Santiment’s chart, ’s exchange inflow spiked in the last few days. Moreover, negative sentiments around BTC also went up, reflecting less trust among investors.Continuing with the bearish trend, BTC’s Relative Strength Index was hovering near the overbought zone, which might increase selling pressure.’s Chaikin Money Flow registered a downtick and was headed further below the neutral mark.

Regardless, the MACD displayed a bullish crossover, giving hope for a continued uptrend in the short term.Subscribe to get it daily in your inbox.

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