Following a brief period of decline, the price of Bitcoin [BTC] has once again begun its ascent towards its highest ever value.
Traders seized the opportunity to purchase during the recent dip in Bitcoin’s price, potentially contributing to its renewed upward momentum.
Could this uptick in buying pressure be the catalyst for Bitcoin to reach a new all-time high in the near future?
Investors are accumulating Bitcoin
Renowned crypto analyst, Ali, recently highlighted a significant increase in buying pressure for BTC on Binance.
This uptrend signaled a growing bullish sentiment, hinting at a possible rise in Bitcoin’s price.
The decline in BTC’s exchange balance over the past fortnight further confirmed heightened buying activity, as investors amassed the leading cryptocurrency.
According to data from CryptoQuant, Bitcoin’s Coinbase premium reflected strong buying interest from U.S. investors.
Nevertheless, Bitcoin miners appeared less confident in the cryptocurrency, evident from the notable decrease in miners’ balances—a sign of potential selling activity.
Is this sufficient for a new all-time high?
The surge in buying pressure by investors propelled a 14% price increase over the past week, bringing Bitcoin closer to the $91,000 mark once more.
If this trend of accumulation persists, it would not be surprising to witness Bitcoin achieving a new record high soon.
In the short term, Bitcoin faced minimal resistance in retesting $91,000, as liquidation surpassed the $91,600 level.
An increase in liquidation typically hints at a potential price correction.
However, not all indicators favored a price surge. For example, BTC’s aSORP turned negative, indicating heightened selling by investors looking to capitalize on profits.
Bitcoin’s Binary CDD noted increased activity from long-term holders over the past week, which could have negative implications if these assets were being liquidated.
Complementing the aSORP, Bitcoin’s Chaikin Money Flow (CMF) experienced a slight decline, measuring the buying and selling pressures within the market.
A decreasing CMF indicates a downtrend, which might pose challenges for Bitcoin’s journey towards $91,000.
Nevertheless, the MACD continued to display a bullish bias, implying that Bitcoin’s potential retest of its all-time high remains a possibility.