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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    PENGU token loses 20% in August amid Pudgy Party game launch

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    floor down up to 18% in the last week (week ended August 26, 2023), volumes still robust

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    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

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    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

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    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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    Brain-Computer Interface Market Value, Trends, and Demand Insights | Scope By 2032

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    Beyond Bots: Meta Motivo and the Dawn of Humanlike Digital Life

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    Council of Europe Highlights Metaverse’s Impact on Privacy and Democracy

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    NFT sales plunge to $129.6m, Pudgy Penguins jump 63%

    PENGU token loses 20% in August amid Pudgy Party game launch

    PENGU token loses 20% in August amid Pudgy Party game launch

    Base claims top 3 spot in 30-day NFT volume: DappRadar

    Base claims top 3 spot in 30-day NFT volume: DappRadar

    floor down up to 18% in the last week (week ended August 26, 2023), volumes still robust

    floor down up to 18% in the last week (week ended August 26, 2023), volumes still robust

    Blue chip NFTs sink double digits as ETH retreats from record highs

    Blue chip NFTs sink double digits as ETH retreats from record highs

    What’s Behind the Double-Digit Declines?

    What’s Behind the Double-Digit Declines?

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    Telegram NFT Gifts Hit $57M in Sales as Users Rush In

    NFT sales drop 25% to $134m, CryptoPunks plunge 59%

    NFT sales drop 25% to $134m, CryptoPunks plunge 59%

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    Ethereum Rules With $56.57M Sales, Solana and Polygon Compete

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    Climb the SCOR Invitational Leaderboard and Earn Bigger $SCOR Airdrops

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    Pudgy Penguins Game ‘Pudgy Party’ Launches on iOS and Android

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    Pudgy Penguins and Mythical Games Launch Pudgy Party Game

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  • Blockchain
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    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

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    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

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    Polyhedra Network launches Proof Cloud in open beta

    Polyhedra Network launches Proof Cloud in open beta

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    SoonVerse Partners with Arris to Enhance User Experience

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    Metaplex Deploys Product Suite on Sonic SVM, Enhancing Solana’s Gaming Ecosystem

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  • AI
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    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

    ETH Daddy Discusses Ethereum and AI

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    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

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  • Guides
    What Is Impermanent Loss? How It Works, and How to Avoid It

    What Is Impermanent Loss? How It Works, and How to Avoid It

    What Is an Algorithmic Stablecoin? How It Works and Why It Matters

    What Is an Algorithmic Stablecoin? How It Works and Why It Matters

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    What Is Volatility in Crypto? Why It Happens and How to Stay Safe

    What is Cloud Mining? A Beginner’s Guide

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    What Are Bitcoin Runes and RunesDEX? – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

    What Are Bitcoin Runes and RunesDEX? – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

    6 Under-$1 Utility Tokens with Real-World Use to Watch in the 2025 Bull Run

    6 Under-$1 Utility Tokens with Real-World Use to Watch in the 2025 Bull Run

    What is Crypto FOMO? How to Avoid Emotional Investing Mistakes

    What is Crypto FOMO? How to Avoid Emotional Investing Mistakes

    What Is Crypto Arbitrage and How to Use It in Trading?

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    What’s the Difference & Which Is Better to Trade?

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  • Analysis
    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

    An SBF Testimony Could Add ‘Decades’ to His Prison Sentence, According to Lawyer – Here’s Why

    An SBF Testimony Could Add ‘Decades’ to His Prison Sentence, According to Lawyer – Here’s Why

    Solana, XRP and One Ethereum Rival Leading Institutional Inflows in 2023: CoinShares Data

    Solana, XRP and One Ethereum Rival Leading Institutional Inflows in 2023: CoinShares Data

    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

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    Benjamin Cowen Warns Majority of Altcoins Will Never See New All-Time Highs Again Amid ‘Serious Declines’

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    SEC Chair Gary Gensler Standing in the Way of Bitcoin ETFs, Says ARK Invest’s Cathie Wood

    Top Trader Sees Bitcoin Skyrocketing 570% in Next Bull Market Amid Soaring US Debt Levels

    Top Trader Sees Bitcoin Skyrocketing 570% in Next Bull Market Amid Soaring US Debt Levels

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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Home Bitcoin

Bitcoin: Buy or sell, what’s the next step you should take?

May 8, 2024
in Bitcoin
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Bitcoin: Buy or sell, what’s the next step you should take?
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  • After the recent drop to $56.8k, Bitcoin seemed to have a short-term bearish bias.
  • Signs of accumulation and demand were present, but the consolidation period might not end soon.

Bitcoin [BTC] was up 4.6% in the past week. The Bitcoin ETF inflows chart also suggested that the bulls were gaining strength.

The Grayscale Bitcoin ETF GBTC, which was notorious for consistent outflows, saw a change earlier in May.

Bitcoin ETF Flows

Source: Farside Investors

This does not mean that its short-term bias has shifted bullishly. The technical structure remained bearish. It is worth examining the on-chain metrics to understand where prices could be headed next.

Resolving the long and short-term outlook

Bitcoin Supply in Profit

Source: CryptoQuant

READ ALSO

Bitcoin nears $91K as buying pressure soars, but challenges emerge

Spot Bitcoin ETF Options – How U.S exposure is set to soar after CFTC’s notice

In a post on CryptoQuant Insights, analyst Kripto Mevsimi pointed out that the recent correction saw the Bitcoin supply in profit decline.

A set of bands was used to highlight where the overheated zone, the bottom discovery, and the threshold for optimism and pessimism were.

At press time, the metric was headed toward this threshold. If it falls below it, we could witness a deeper correction as BTC falls toward bottom discovery.

So long as the metric stays above this line, market sentiment would likely be positive overall, and bulls could hope for a recovery.

In the 2016 cycle, the supply in profit metric was continuously in the overheated zone for months without a major correction.

The 2020 July-2021 January run also saw the overheated zone visited frequently. We are not yet in that part of the cycle.

See also  After Bitcoin drops below $60,000 twice in a week, what's next?

Ideally, BTC bulls want to see the gray line defended and prices recover and push higher and rally in the coming months to resemble the previous cycle bull runs.

Is it a good time to buy Bitcoin, or should you wait?

Bitcoin Santiment

Source: Santiment

The long-term bias of Bitcoin was bullish, the short-term was bearish. The possibility of a deeper correction is present.

AMBCrypto investigated some metrics from Santiment to understand if a buying opportunity is present.

The 30-day MVRV has been negative for a large part of the past month. This showed that the asset was undervalued. However, the 3-day weighted sentiment remained negative in the past two weeks.


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


The mean coin age metric looked to have halted its previous downtrend over the past month. It has inched its way higher over the past month. Combined with the MVRV, this was a signal to buy Bitcoin.

However, the price action suggested that the bears currently have the upper hand, and $55k could be visited this summer.

Next: Ethereum ETFs: What ‘convinced Grayscale to withdraw?’ Analysts weigh in

Tags: BitcoinbuySellstepWhats

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