Sunday, June 23, 2024

Bitcoin: History suggests BTC will be up and running again after…

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BTC’s price moved marginally in the last 24 hours. 
Market indicators hinted at a few more slow-moving days. 

Investors might have been worried about the last few days, as Bitcoin’s [BTC] price witnessed multiple corrections.

However, they must not lose hope, as this might just be yet another re-testing phase, which could end with another bull rally. 

What history suggests 
The last week did not witness high volatility in terms of BTC’s price action, as the king of cryptos’ value moved marginally. A similar trend was also noted in the last 24 hours.

According to CoinMarketCap , at the time of writing, BTC was trading at $64,796.66 with a market capitalization of over $1.27 trillion.

However, there were chances for the coin’s price to turn volatile over the days to follow. Moustache, a popular crypto analyst, recently posted a tweet mentioning how BTC was in a “re-testing” phase.

If history is to be considered, BTC might soon begin a bull rally, as the coin turned bullish when its price entered a similar pattern back in 2017 and 2020.

Therefore, AMBCrypto checked Bitcoin’s metrics to see the chances of the coin actually kick-starting a bull rally. 

Metrics look bearish though
Despite a historical bull pattern, Bitcoin’s on-chain metrics continued to look bearish. For example, it’s aSOPR was red, as per our analysis of CryptoQuant’s data .

This meant that more investors were selling at a profit. In the middle of a bull market, it could indicate a market top.

Its Binary CDD followed a similar trend, meaning that long-term holders’ movements in the last seven days were higher than average. If they were moved for the purpose of selling, it may have a negative impact.

Source: CryptoQuant

Nonetheless, other metrics told a different story. Bitcoin’s exchange reserve was dropping at press time, indicating that selling pressure on the coin was low.

Additionally, its Funding Rate and Taker Buy Sell Ratio was in the green, suggesting that buying sentiment was dominant in the derivatives market.

Source: CryptoQuant

AMBCrypto then checked BTC’s daily chart to find out which direction the coin was headed.

Read Bitcoin’s [BTC] Price Prediction 2024-25

Our analysis of TradingView’s chart suggested that investors might as well witness a few more slow-moving days, as the Relative Strength Index (RSI) moved sideways near the neutral zone.

The Money Flow Index (MFI) also followed a similar trend, indicating that chances of less volatile price movement were high. 

Source: TradingView

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