While its price struggles to rally above $26,000, new demand for Bitcoin has increased. However, a general correction in market sentiment may be required to initiate price growth.
A surge in new demand for an asset is often a precursor to a price rally, suggesting renewed interest in that asset. However, with BTC’s price facing significant resistance at $26,000 and weighted sentiment now stationed in the negative territory, the possibility of a price uptick in the meantime remains minimal.At press time, the leading coin exchanged hands at $25,862.
Further, the position of BTC’s key momentum indicators showed that while accumulation dawdled, there have not been any significant sell-offs from spot traders. Although daily distribution has outpaced accumulation, the volumes have not been high enough to initiate a downward price swing.
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