<\/p>\n
- \n
- BTC was up by over 3% in the last 24 hours, and market sentiment was bullish.\u00a0<\/span><\/em><\/li>\n
- Most metrics and indicators were in buyers\u2019 favor, but not the MFI.\u00a0<\/span><\/em><\/li>\n<\/ul>\n
After nearly a week-long wait,<\/span> Bitcoin [BTC]<\/span><\/a> finally managed to once again go above the $27,000 mark. Will Bitcoin be able to maintain its pump, or will it again plummet to $26,000?<\/span><\/p>\n
\nRead<\/span> Bitcoin\u2019s [BTC] Price Prediction<\/span><\/a> 2023-24<\/span><\/p>\n
\nBitcoin is finally above $27,000<\/b><\/h4>\n
Bitcoin\u2019s price witnessed a price correction on 9 October that pushed the coin\u2019s price way below $27,000. But, after a few days\u2019 wait, BTC\u2019s price witnessed a sharp uptick. In fact, according to<\/span> CoinMarketCap<\/span><\/a>, BTC was up by more than 3% in just the last 24 hours.\u00a0<\/span><\/p>\n
At the time of writing,<\/span> BTC<\/span><\/a> was trading at $27,904.55 with a market capitalization of over $544 billion. The good part was that the price surge was followed by a more than 140% increase in Bitcoin\u2019s trading volume, which is generally perceived as a bullish signal.\u00a0<\/span><\/p>\n
Santiment\u2019s 16 October tweet pointed out a reason that might have had a major role in lifting the king of cryptos\u2019 price up.<\/span><\/p>\n
\n
\ud83d\udcc8 #Bitcoin<\/a>‘s return to $27K was likely aided by large amounts of older, stagnant coins that were finally moved. The largest amount of dormant $BTC<\/a> changing wallets since July, these spikes in our Age Consumed metric indicate price direction reversals. https:\/\/t.co\/0kztm781NO<\/a> pic.twitter.com\/EVDH9hHbBa<\/a><\/p>\n
\u2014 Santiment (@santimentfeed) October 15, 2023<\/a><\/p>\n<\/blockquote>\n
As per the tweet, BTC witnessed a massive amount of dormant supply movement. To be precise, the largest amount of dormant<\/span> BTC<\/span><\/a> has changed wallets since July. <\/span><\/p>\n
A look at Glassnode\u2019s data revealed that the long-term holders\u2019 confidence in BTC was also immensely high. This was evident from the sharp rise in long-term holders\u2019 supply over the last month.<\/span><\/p>\n
![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/glassnode-studio_bitcoin-total-supply-held-by-long-term-holders-btc.png\")
<\/a><\/p>\nSource: Glassnode<\/p>\n<\/div>\n
Not only the long-term holders, but the general market also seemed to have high hopes for BTC as its Exchange Reserve was<\/span> dropping<\/span><\/a>. This meant that the token was not under selling pressure. <\/span><\/p>\n
In fact, US investors were rather buying BTC, which was evident from BTC\u2019s green Coinbase premium. Derivatives investors were also willing to buy BTC at a higher price, as showcased by its green Funding Rate at press time.<\/span><\/p>\n
![\"\"](\"image\/svg+xml,%3Csvg%20xmlns=\")
![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/CryptoQuant-BTC-1-2.png\")
<\/a><\/p>\nSource: CryptoQuant<\/p>\n<\/div>\n
Will Bitcoin sustain its pump?<\/b><\/h4>\n
Bitcoin\u2019s other metrics also revealed that the possibility of<\/span> BTC<\/span><\/a> maintaining its uptrend was likely. For instance, bullish sentiment around the king of cryptos<\/span> surged<\/span><\/a> by over 19% in the last 24 hours.<\/span><\/p>\n
\nIs your portfolio green? Check out the<\/span> BTC Profit Calculator<\/span><\/a><\/p>\n
\nThe MACD displayed that the bulls might soon take over the bears. Additionally, Bitcoin\u2019s Chaikin Money Flow (CMF) also registered an uptick and was headed towards the neutral mark. <\/span><\/p>\n
Nonetheless, the Money Flow Index (MFI) was bearish as it took a southward path, which could restrict BTC\u2019s price from going up.<\/span><\/p>\n
- Most metrics and indicators were in buyers\u2019 favor, but not the MFI.\u00a0<\/span><\/em><\/li>\n<\/ul>\n
![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/BTCUSDT_2023-10-16_13-16-59.png\")