Buying pressure on Bitcoin futures rose to the highest level since August 19, with positions increasing by nearly 9,000 BTC in 24 hours

Odaily Planet Daily News Encryption analyst @AxelAdlerJr said that the Bitcoin futures market buying pressure indicator rose to 4.9, the highest since August 19; contract positions increased by nearly 9,000 BTC in 24 hours. The indicator reading means that buying pressure accumulated over the past 12 hours is nearly five standard deviations above the average over the past week. @AxelAdlerJr said that if the price of Bitcoin remains above $85,000 when the upward momentum weakens, the rally is expected to continue; if the price falls below $83,000, the closing of new long positions may accelerate the decline.