2024-03-24 23:07:25
Published on: March 24, 2024
- BTC price moved marginally in the last 24 hours.
- Market indicators pointed to a few more days of slow movement.
Investors may have been worried in recent days as Bitcoins [BTC] The price witnessed multiple corrections.
However, they should not lose hope as this might simply be another retesting phase, which might end with another bullish rally.
What history suggests
The past week did not witness high volatility in terms of BTC price action as the value of the king of cryptocurrencies moved marginally. A similar trend was also observed in the last 24 hours.
According CoinMarketCapAt the time of writing, BTC was trading at $64,796.66 with a market cap of over $1.27 trillion.
However, there was a chance that the coin’s price might become volatile in the following days. Mustache, a popular crypto analyst, recently posted a cheep mentioning how BTC was in a “retest” phase.
If history is anything to go by, BTC might soon begin a bullish rally as the coin turned bullish when its price entered a similar pattern in 2017 and 2020.
Therefore, AMBCrypto checked Bitcoin metrics to see the chances of the coin actually driving a bullish rally.
However, metrics look bearish
Despite a historic bullish pattern, Bitcoin’s on-chain metrics continued to look bearish. For example, aSOPR was in the red, according to our CryptoQuant analysis. data.
This meant that more investors were selling at a profit. In the midst of a bull market, it might indicate a market top.
Its binary CDD followed a similar trend, meaning that long-term holders’ movements over the past seven days were above average. If they were moved for the purpose of selling, it may have a negative impact.
However, other metrics tell a different story. Bitcoin’s exchange reserve was falling at the time of publication, indicating that selling pressure on the currency was low.
Furthermore, its funding rate and taker’s bid-ask ratio were in the green, suggesting that buying sentiment was dominant in the derivatives market.
AMBCrypto then checked the daily BTC chart to find out which direction the coin was heading.
File Bitcoins [BTC] Price prediction 2024-25
Our TradingView chart analysis suggested that investors might also witness a few more days of slow movement as the Relative Strength Index (RSI) moved sideways near the neutral zone.
The money flow index (MFI) also followed a similar trend, indicating that the chances of a less volatile price movement were high.
Next: Bitcoin volatility might increase in the coming days: why?
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Next: Bitcoin volatility might increase in the coming days: why?
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