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 <p class="is-style-lead">Bitcoin has gained bullish momentum over the past week. Despite the green market conditions, the flagship digital currency has already faced some <a rel="noopener noreferrer nofollow" title="selling" href="https://thebittimes.com/tag/selling.html">selling</a> <a rel="noopener noreferrer nofollow" title="pressure" href="https://thebittimes.com/tag/pressure.html">pressure</a>.</p>
 <p>According to a tweet by the market analyst platform CryptoQuant, Bitcoin (BTC) should stay above the $32,000 mark to stay bullish and even “trigger a substantial price surge.”&nbsp;</p>
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    <p lang="en" dir="ltr">Fund Market Premium's Role in Bitcoin's Performance<br><br>" If this metric persists in its upward trend and the price of Bitcoin surpasses the critical level of $32,000, it could trigger a substantial price surge."<br>by @OnchainTarek <br><br>Linkhttps://t.co/ejVkkBbWPA</p>— CryptoQuant.com (@cryptoquant_com) October 25, 2023
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 <p>The market analyst believes that the “current scenario suggests a positive outlook for Bitcoin’s price.”</p>
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 <p>According to data provided by the market intelligence platform Santiment, Bitcoin’s <a rel="noopener noreferrer nofollow" title="whale" href="https://thebittimes.com/tag/whale.html">whale</a> <a rel="noopener noreferrer nofollow" title="activity" href="https://thebittimes.com/tag/activity.html">activity</a> and social volume have risen significantly since Oct. 21.</p>
 <p>Per Santiment, <a rel="noopener noreferrer nofollow" title="whale" href="https://thebittimes.com/tag/whale.html">whale</a> transactions consisting of at least $100,000 worth of BTC surged by 19% in the past 24 hours, reaching 13,044 trades over the past day.</p>
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   BTC price, whale activity and social volume on Oct. 25 | Source: Santiment
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 <p>Moreover, Bitcoin’s social activity also witnessed a 9% hike in the past 24 hours, per Santiment data. It’s important to note that the asset’s social volume nearly doubled over the past three days.</p>
 <p>On the other hand, Bitcoin’s price-daily active addresses (DAA) divergence suggests some incoming selling pressure. According to Santiment, the BTC price DAA divergence has dropped to negative 17.5%, suggesting a minor “sell signal” following the asset’s fall below the $34,000 mark.</p>
 <p>It’s important to note that Bitcoin reached a local high of around $35,000 on Oct. 24 and soon witnessed a daily bottom of $33,270.</p>
 <p>Bitcoin is up by 0.35% in the past 24 hours and is trading at around $33,900 at the time of writing. BTC’s market capitalization still holds above the $660 billion mark while its 24-hour trading volume plunged by 31.4%, closing down to $32 billion.</p>
 <p>One of the main reasons for the recent market-wide rally is the high anticipation of a Bitcoin spot exchange-traded fund.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-faces-selling-pressure-as-whale-activity-hikes-tbt67674.html">https://thebittimes.com/bitcoin-faces-selling-pressure-as-whale-activity-hikes-tbt67674.html</a></p>

Bitcoin faces selling pressure as whale activity hikes

TheBitTimes

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