Bitcoin (BTC USD) has wrapped up another bearish week, dipping below the $107,000 mark. Analysts and investors are contemplating where the price might trend next.
Bitcoin Retests the $108,000 Level
In retesting the support level around $108,000, Bitcoin displayed an attempt to change its trend. This level had previously acted as resistance, yet bears are currently applying significant pressure.
Bitcoin Demand Dynamics
According to CryptoQuant, accumulator addresses have been actively increasing their positions during the current downturn. This indicates that long-term accumulation is continuing. Meanwhile, the declining market sentiment has shifted from neutral to fear, which may prompt investors to sell.
Prospects for Bitcoin Recovery
Uncertainty regarding Bitcoin's future remains. However, the inflow dynamics into BTC and active purchases from major investors may signal a potential turnaround. Recent purchase volumes on platforms like OKX exhibit positive signs despite the ongoing bearish pressure.
Thus, Bitcoin continues to face downward pressure, but the active accumulation by major players may indicate a potential recovery in the coming days. The market's response and demand for Bitcoin will be crucial.
