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

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    A Step-by-Step Guide for Beginners

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    Long and Short Positions in Crypto Explained for Beginners

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    What Does FUD Mean in Crypto? The Fear, Uncertainty, and Doubt Effect

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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

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

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    The Future of Gambling: How Casino Sites Are Leveraging Web3

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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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    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

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    Experience to Earn: Everdome’s Metaverse Frontier

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

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    SYKY Bridges Digital and Physical Fashion with Apple Vision Pro

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    Somnia Launches Playground App to Empower Metaverse Creators

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    FC Barcelona unveils Barca Pass crypto wallet, NFT avatars

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    Guild of Guardians Leads Despite Dip as SuperRare and Panini Skyrocket

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    NFTs Weekly Sales Surge 24% to $142M, Guild of Guardians & Immutable Dominate in Sales

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    Ethereum Token Platform Zora Sues Deloitte Over AI Trademark Dispute

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

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    Long and Short Positions in Crypto Explained for Beginners

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    What Does FUD Mean in Crypto? The Fear, Uncertainty, and Doubt Effect

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    What Is Crypto Staking? How to Earn Crypto by Holding It

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

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

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Home Altcoins

Bitcoin price breaks above $70.8K resistance: $75K predictions next?

March 27, 2024
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Bitcoin price breaks above $70.8K resistance: $75K predictions next?
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  • Market sentiment around BTC turned bullish. 
  • The selling pressure on the coin was relatively low. 

Bitcoin [BTC] continued to trade above the $70k mark, and things might soon get better for investors. The latest analysis suggested that BTC went up a resistance level, which allowed it to reach an all-time high.

Does this guarantee yet another bull rally for BTC? 

Bitcoin is holding its ground 

According to CoinMarketCap, the king of cryptos was up by more than 12% in the last seven days. Thanks to the recent uptrend, BTC’s social volume spiked in the last few days.

Additionally, its Weighted Sentiment went into the positive zone, indicating that bullish sentiment around the token increased.

Bullish sentiment around BTC increased

Source: Santiment

In the meantime, Ali, a popular crypto analyst, posted an analysis highlighting an interesting fact. As per the tweet, BTC’s price went above a key resistance level of $70.8k.

This hinted at a further uptrend in the days to follow. To check if the uptrend could happen, AMBCrypto checked BTC’s metrics. 

READ ALSO

CryptoGames now supports Tether (USDT) for deposits and announces partnership with Bitinvestor

Toncoin heats up: What does $398M in trading volume indicate?

Are investors selling Bitcoin?

Since BTC’s value crossed a resistance level, AMBCrypto checked other metrics to find out whether people are buying BTC.

As per our analysis of CryptoQuant’s data, BTC’s exchange reserve was dropping, meaning that selling pressure on the coin was low.

The miners’ position index revealed that they were selling holdings in a moderate range compared to their one-year average.

Additionally, buying sentiment among US investors was dominant, which was evident from its green Coinbase premium.

BTC's coinage premium was green

Source: CryptoQuant

The chances of BTC continuing the uptrend were even higher when we analyzed Glassnode’s data. We found that BTC’s Network Value to Transactions (NVT) ratio dropped.

See also  Bitcoin: Why FOMC's decision means a strong November

For starters, the NVT ratio is computed by dividing the market cap by the transferred on-chain volume measured in USD.

Whenever the metric drops, it signifies that an asset is undervalued. This indicated that BTC investors might witness yet another bull rally from the token soon. 

Source: Glassnode


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


To better understand what to expect from BTC, we then checked out derivatives metrics. They also looked pretty bullish, as its Funding Rate was high.

This meant that derivatives investors were actively buying the coin at press time. However, its Taker Buy Sell Ratio was red, suggesting that selling sentiment was still dominant in the derivatives market. 

Source: CryptoQuant

Next: Why Solana’s revisit to $200 may be right under your nose

Tags: 70.8K75KBitcoinBreakspredictionsPriceresistance

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