Will the price of bitcoin reach the $25,000 mark in the near future? Analysts suspect…

• Two CryptoQuant analysts believe that the price of BTC will fall below $25,000.
• BTC selling pressure has outweighed buying pressure for the past few days.

As bitcoins [BTC] Weighted sentiment lingers in negative territory, notes CryptoQuant analyst Baro Virtual reportopined that the price of the king coin could fall below $25,000 as long as the bearish sentiment in the market persists.

Baro’s conclusion was based on an assessment of BTC’s Coin Days Destroyed (CDD) on a 21-day moving average. This metric tracks the number of cryptocurrency coins that were inactive for a period of time and then suddenly moved.

Accordingly Glassnode Academyis calculated by multiplying the number of inactive coins by the number of days they have been inactive.

According to Baro, BTC’s CDD metric revealed that the king coin had three periods of local accumulation on March 15, March 31 and April 12, respectively, after which a period of local distribution began on April 20.

Local distribution occurs when investors move to sell their holdings, causing an asset’s price to either stagnate or fall slightly.

Although BTC lingers in this phase, Baro added, “Bitcoin is still moving in a local uptrend.” However, “the risk of falling to $24,500-25,000 remains within the H&S bearish pattern.”

Source: CryptoQuant

Sharing the same sentiment, another pseudonymous CryptoQuant analyst Abramchart noted that a new area of ​​support had been identified following BTC’s fall from the $30,000 price level. According to Abramchart,

“Following Bitcoin’s recent decline, we can identify the next areas of support using the Realized Price – UTXO Age Groups indicator, which helps us understand each group’s holding behavior by comparing a range of different realized prices. The closest support area is 25619, which is the average purchase price of wallets that bought bitcoin over the last 3-6 months.”

Source: CryptoQuant

The numbers on a daily chart

At press time, BTC was exchanging hands at $27,579.73. After peaking at $30,967 on April 14, the coin’s price has since fallen 11%.

On a daily chart, the coin’s momentum indicator, the Relative Strength Index (RSI), remained below its neutral point of 50 at 42.44. In a downtrend at the time of writing, selling pressure was outpacing accumulation.

Also, the coin’s Chaikin Money Flow (CMF) was spotted below its centerline at -0.02. When an asset’s CMF returns a negative value, it means that the selling pressure is higher than the buying pressure.

It also suggests that the asset’s cash flow volume is decreasing and is often followed by a fall in price.

Source: BTC/USDT on TradingView

Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers