A shift in the Bitcoin sell pressure is imminent, according to James Mullarney, host of the InvestAnswers YouTube channel. Mullarney revealed the factors affecting Bitcoin’s price development in a recently uploaded video, where he provided a technical analysis of the cryptocurrency market.
According to Mullarney, as of Tuesday, October 3, 2023, the crypto market cap was about $1.1 trillion, with a volume of about $40 billion. At the same time, the two top cryptocurrencies, Bitcoin and Ethereum, were priced at $27,400 and $1,650 respectively. Mullarney identified those prices as critical levels, especially for Bitcoin.
The investment analyst thinks that these price levels are critical but in a good way. He noted that the Fear and Greed index has climbed to 50 from 46, indicating an increasing bullish sentiment, which should be a positive development for the Bitcoin market.
Mullarney emphasized his position using an overview of the price behavior of top cryptocurrencies. He showed that most top cryptos registered significant gains over the last seven days. Bitcoin gained 4.09%, Ethereum 3.86%, and Solana 24% in the past week.
Still analyzing the dissipating sell pressure, Mullarney shared more fundamental statistics relating to the cryptocurrency market. He showed that the number of crypto users increased by 4% 24 hours before the time of his analysis. Also, the number of transactions on the cryptocurrency network was up by 10.5%.
Summing up his analysis, the InvestAnswers host used data from Blockware Solutions to reveal a drop in Bitcoin Issuance. According to Mullarney, Issuance is sell pressure, and a drop in the metric indicates that the long-lasting Bitcoin sell pressure is fading. He expects the daily sell pressure to crash after the next Bitcoin halving, following a traditional pattern in the market behavior.
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