Bitcoin [BTC] bears show signs of weakness as this metric slows down

ambcrypto.com:

A few days ago, it became apparent that Bitcoin [BTC] was in a price-RSI divergence pattern. This was an indication of relative trend weakness for the bears, and one that would give way to a retracement. Fast forward to the present, and that retracement is here, but the bears, too, are now showing some weakness.

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Bitcoin’s $23,909 press time price represented a 5.4% drop from its recent high, which was also its current 2023 high. This might not be much in the grand scheme of retracements, but it is an indication of low sell pressure. This is not surprising considering the bullish expectations in the market.

Source: TradingView

If Bitcoin maintained its press time pattern, then the next buy wall could be expected near the $23,500 price level. This was the same price range where the price bounced back on 16 February and the same level previously acted as a resistance range. There were some key observations that perfectly summed up BTC’s performance.

Bitcoin exchange flows have been leaning in favor of the bears for the last few days. However, the sell pressure has declined significantly each day. The latest Glassnode alerts keeping track of daily on-chain flows reveals that Bitcoin’s net flows for 24 February added up to -$29.5 million.