Bitcoin is expected to see a significant rebound as ETF inflows surge.
The Fear and Greed Index indicates that Bitcoin has now reached a sentiment support level, suggesting potential market opportunities. When Bitcoin assets fell below $104,000, its Fear and Greed ratio reached a neutral point of 50. This area has consistently served as a sentiment support for the market, and short-term buying typically resumes here. Despite the potential for an increase, analysis shows that the asset faces significant resistance.
Analysis indicates that around $105,000, Bitcoin may encounter considerable selling pressure, with sales volume reaching up to 698,450 Bitcoins. Similarly, traditional investors also pose a threat to Bitcoin's potential rise. They have begun to sell, accumulating $462 million in sales over the past two days. These investors have sold Bitcoins worth $278.4 million, surpassing half of their initial accumulation.
If this downward trend continues, it could impact Bitcoin, leading to a price drop as the market may experience a supply-demand imbalance. To break through this level and reverse the current downward trend, Bitcoin needs strong buying momentum to trigger a sustained price increase in the coming days.
