Challenges Persist in Bitcoin Buyers’ Pressure Despite Rising Accumulation Trend

Key Points

• Bitcoin’s accumulation trend score has risen above 0.1, hinting at renewed buying interest.
• For a reversal, sustained demand and supportive policy signals are needed.

Bitcoin’s accumulation trend score has seen a slight increase, rising above 0.1 for the first time since March 11th. This indicates a possible shift in market sentiment, with potential renewed buying interest.

However, whether this marks the beginning of a market reversal or a temporary pause in the current downtrend remains to be seen.

Accumulation Activity Resurfaces

After a prolonged period of distribution, there seems to be a reawakening of accumulation activity. This is evident in the gradual shift from yellow and orange markers, indicating selling or buying hesitation, back towards purple, which signifies accumulation.

This shift might suggest that long-term holders or entities are slowly rebuilding their positions. It could be an early sign of a potential trend reversal or a short-lived deviation in the ongoing bearish cycle.

Market Sentiment and Potential Reversal

The current downtrend in Bitcoin’s price has been characterized by extended distribution. However, the recent climb above 0.1 signals the reemergence of accumulation. Such a pattern is often observed during the early stages of recovery after major corrections.

Strategic moves by institutional players and expectations of regulatory clarity could be driving this subtle shift. However, for the trend to hold, continued institutional demand and supportive policy signals are needed.

Bitcoin’s momentum remains weak, with limited buying pressure. As of press time, Bitcoin was valued at $83,165, down over 1% in the past 24 hours. The hourly chart reveals a struggle to reclaim upward momentum.

The RSI sat at 46, indicating weak bullish pressure. Meanwhile, the OBV remained negative, suggesting a lack of sustained buying activity. For a convincing reversal, Bitcoin would need to break above $84,000, along with a rise in volume and an RSI push beyond the neutral 50 mark.