Bitcoin price: Loss of price increase days
Early this morning (October 30), Bitcoin - the world's largest cryptocurrency by market value reversed and decreased by 1.11%, down to 113,165.52 USD.
This new price contributes to bringing market capitalization to 2,254 billion USD, down 42 billion USD. On the other hand, trading volume in the 24-hour reversal increased, currently at 66.72 billion USD, an increase of 8.24 billion USD.
Assessment and forecast
Bitcoin (BTC) spent most of October trading sideways, increasing only slightly by about 1.5% for the whole month. However, over the past week, Bitcoin prices have increased by nearly 5%, causing investors to pay attention to the possibility of forming a new uptrend.
Earlier this week, the world's largest cryptocurrency had broken through $113,200 at one point, but was later rejected near $115,000 - an area now seen as the line between skepticism and recovery power.
Although the correction is quick, data shows that this was expected, and if an important technical threshold is penetrated, the recovery momentum can return strongly.
Explaining the reason for the failed breakout, according to CryptoQuant, the Bitcoin tracking index that each investor group moved to the exchange showed strong selling pressure from October 25-28.
These flows often signal short-term profit taking or risk defense. When this supply flooded the floor at the time the BTC inspected 115,000 USD, it stopped the increase, preventing prices from continuing to break out.
Despite selling pressure, Bitcoin's long-term accumulation structure remains stable. The index measuring the rate of wallets continuing to accumulate additional BTC remains at 60.2%.
Any value above 50% shows that the market is in the net accumulation stage, meaning that long-term investors are still quietly buying.
Although the index is below the previous 3-month peak (63%), the overall accumulation trend has not been broken.
This is very important because the long-term buying action of the group helps balance the selling pressure from the "wallows", prevent prices from falling deeper and maintain a stable structure. The door to a new rally remains open if momentum returns.
