Bitcoin

The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/bitcoin/bitcoin-sellers-in-fear-as-buyers-knock-28-5k-will-on-chain-data-hold-btc-price/">Bitcoin Sellers In Fear As Buyers Knock $28.5K! Will On-chain Data Hold BTC Price?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
Buyers are aggressively buying Bitcoin today, causing its price to surge past several Fibonacci levels. At the moment, Bitcoin is gearing up for another significant uptrend, tapping the $28.5K mark, much to the dismay of sellers. On-chain statistics show interesting bullish indicators, putting those in short positions in a trap. 
<h2 class="wp-block-heading" id="h-bitcoin-s-outflow-surges-to-1-month-high">Bitcoin’s Outflow Surges To 1-Month High</h2> 
It seems that the ‘Uptober’ trend is becoming true as Bitcoin unexpectedly surged past the $28,000 mark today, a level not witnessed since August 17th. This rise has renewed the excitement of crypto enthusiasts and traders. Coinglass data reveals that short-positions worth around $43 million were liquidated over the last 24 hours as BTC price didn’t meet sellers’ expectations near resistance levels. 
According to Glassnode, the mean liquidation of short-positions has reached a three-month high of $86,186, suggesting a mood-off among sellers. Moreover, BTC’s bearish pullback chances have been reduced as UTXO in profit touches a 1-month high of 124,953,234. 
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UTXO represents the unspent Bitcoin after a transaction. If UTXO is in profit, the unspent Bitcoin’s value is higher than its last transaction. A high profitable UTXO suggests many Bitcoin holders are in gain, boosting confidence and reducing the likelihood of panic selling, thus stabilizing the price and decreasing the odds of a sharp downturn.&nbsp; 
Moreover, with the surge in exchange outflows, which recently hit a 1-month high of 1,275 BTC, there’s a noticeable reduction in Bitcoin’s availability on trading platforms. 
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This significant dip in exchange reserves, which are often used for selling purposes, reduces the chances of Bitcoin being offloaded in the market. As a direct consequence, those holding put positions find themselves in a tight spot, while the confidence among buyers is boosted. This renewed trust could very well catalyze an upcoming <a href="https://coinpedia.org/bitcoin/btc-price-analysis-will-bitcoin-price-visit-yearly-highs-in-october/" rel="noopener noreferrer nofollow">buying wave for Bitcoin</a>. 
<h2 class="wp-block-heading" id="what-s-next-for-btc-price">What’s Next For BTC Price?</h2> 
Bitcoin has consistently traded above its moving averages, signaling a bullish trend. After breaking above $28K, BTC price is now attempting to surge above $28,500. As of writing, BTC price is trading at $28,321, surging over 4.45% from yesterday’s rate. 
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While bears attempt to stop the rally at around $28,500, the bulls are showing confidence, indicating that minor dips are being promptly bought up. This heightens the likelihood of surpassing the $28,500 mark. If achieved, the BTC price might challenge the key resistance at $30,100, where bears might intensify their selling efforts. 
If the price sharply drops from $28,000, it could revisit the 20-day exponential moving average, priced at $27,461. A robust rebound from this point could send the price beyond $28,500. 
However, this bullish outlook could be short-lived if the price plunges below the EMA20 level.&nbsp; The RSI level on the 4-hour price chart is trading above the overbought region, strengthening the chances of a minor downward correction in the coming hours.&nbsp;

Bitcoin Sellers In Fear As Buyers Knock $28.5K! Will On-chain Data Hold BTC Price?

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