Will the price of Bitcoin reach the $25,000 mark in the short term? Analysts suggest…

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Two CryptoQuant analysts estimated that the price of BTC would fall below $25,000. BTC’s selling pressure has exceeded its buying pressure over the past few days.

Like bitcoins [BTC] weighted sentiment persists in negative territory, CryptoQuant analyst Baro Virtual in a new report estimated that the price of king coins could fall below $25,000 as long as bearish sentiments remain in the market.

Baros’ conclusion was based on a valuation of BTC Coin Days Destroyed (CDD) on a 21-day moving average. This metric tracks the number of cryptocurrency coins that have been idle for a certain period of time and then suddenly moved.

According to Glassnode Academy, it is calculated by multiplying the number of coins that have been inactive by the number of days they have been inactive.

According to Baro, BTC’s CDD metric revealed that the master coin experienced three local accumulation periods on March 15, March 31, and April 12, respectively, after which a local distribution period began on April 20.

Local distribution occurs when investors begin to sell their holdings, causing the price of an asset to stagnate or decline slightly.

Although BTC persists in this phase, Baro added, Bitcoin is still moving in a local uptrend. However, the danger of falling to $24,500-25,000 remains within the bearish health and safety pattern.

Source: CryptoQuant

Sharing the same view, another pseudonymous CryptoQuant analyst, Abramchart, noted that a new support zone had been identified after BTC fell from the $30,000 mark. According to Abramchart,

After Bitcoin’s recent decline, we can identify upcoming support zones with the Realized Price UTXO Age Bands indicator, which helps us understand each band’s holding behavior by comparing a set of different realized prices. The nearest support zone is at 25619, which represents the average buy price of wallets that have bought Bitcoin over the past 3-6 months.

Source: CryptoQuant

Numbers on a daily chart

At press time, BTC traded hands at $27,579.73. After the coin price peaked at $30,967 on April 14, it has since fallen 11%.

On a daily chart, the relative strength index (RSI) coin momentum indicator remained below its neutral point of 50 at 42.44. In a downtrend at the time of writing, the selling pressure has exceeded the accumulation.

Also, Chaikin Money Flow (CMF) coins were spotted below its midline at -0.02. When an asset CMF returns a negative value, it means that the selling pressure is greater than the buying pressure.

It also suggests that the volume of asset money flows is decreasing and is often followed by a decline in prices.

Source: BTC/USDT on TradingView

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