has been on a rising trend, and the king coin was approaching a crucial resistance. The latest analysis revealed that it is imperative for the coin to go above that level in order to enter an actual bull market.After a week of increase, BTC faced a slight correction. To be precise, BTC’s price increased by over 5% in the last seven days. But in the last 24 hours, the king coin’s price dropped marginally.revealing an interesting development.
Therefore, AMBCrypto planned to have a closer look at the coin’s state to see how likely it is for BTC to turn this resistance into its new support.As per our analysis of CryptoQuant’s data, selling pressure on BTC was rising. For instance, BTC’s exchange reserve was rising. The coin’s net deposit on exchanges was also high compared to the last seven day average.
Moreover, the Chaikin Money Flow also supported the bulls as it moved up, hinting at a breakout above the resistance.
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