- The Bitcoin Rainbow chart entered the “buy” zone after 2020 and 2024 halvings.
- Market indicators hinted at a price decline in the coming days.
Investors’ confidence in Bitcoin [BTC] has somewhat dwindled as the king of crypto fails to go above $69k. However, the Bitcoin Rainbow Chart revealed that BTC was actually mimicking its 2020 trend post-halving.
Does this mean that BTC is all set to kickstart a rally?
The right time to buy Bitcoin?
Bitcoin’s price volatility has declined over the last few days. This has caused trouble for BTC, as it was struggling to go above $69k.
However, investors must not get disheartened, as BTC was mimicking its 2020 post-halving behavior.
AMBCrypto’s analysis revealed that after months of its third halving, the Bitcoin Rainbow chart revealed that the coin entered the “BUY” zone. After remaining in that zone for a few months, BTC’s price skyrocketed.
A similar trend was seen in BTC’s 2024 Rainbow chart, as it indicated that the coin was in the buy zone.
If that is to be considered, then this might just be the last opportunity for investors to buy BTC at a lower price before it moves up and enters the accumulate and HODL zones.
Source: BLOCKCHAINCENTER
AMBCrypto then analyzed BTC’s on-chain metrics to see whether investors have considered buying BTC as suggested by the Rainbow chart.
We found that its Exchange Outflow dropped last week after spiking on the 24th of May. Its Supply on Exchanges increased, meaning that investors chose to rather sell.
Source: Santiment
Our look at CryptoQuant’s data revealed that BTC’s net deposit on exchanges was high compared to the last seven-day average, further hinting at high selling pressure.
Apart from this, its Coinbase Premium was red, meaning that selling sentiment was dominant among U.S. investors.
Bitcoin’s troubles are far from ending
AMBCrypto then checked whether the rise in selling pressure could result in a price correction.
We found that investors weren’t following the Bitcoin Rainbow chart as its aSORP was red, suggesting that more investors are selling at a profit. In the middle of a bull market, it can indicate a market top.
At press time, BTC’s fear and greed index had a value of 74, meaning that the market was in a “greed” phase. Whenever the metric reaches that level, it indicates a price correction.
Source: CryptoQuant
Is your portfolio green? Check out the BTC Profit Calculator
Like metrics, most of the technical indicators also looked bearish. For instance, the MACD displayed the possibility of a bearish crossover.
The Relative Strength Index (RSI) registered a decline, indicating a price drop soon. Nonetheless, the Chaikin Money Flow (CMF) remained bullish as it went northwards.
Source: TradingView
- The Bitcoin Rainbow chart entered the “buy” zone after 2020 and 2024 halvings.
- Market indicators hinted at a price decline in the coming days.
Investors’ confidence in Bitcoin [BTC] has somewhat dwindled as the king of crypto fails to go above $69k. However, the Bitcoin Rainbow Chart revealed that BTC was actually mimicking its 2020 trend post-halving.
Does this mean that BTC is all set to kickstart a rally?
The right time to buy Bitcoin?
Bitcoin’s price volatility has declined over the last few days. This has caused trouble for BTC, as it was struggling to go above $69k.
However, investors must not get disheartened, as BTC was mimicking its 2020 post-halving behavior.
AMBCrypto’s analysis revealed that after months of its third halving, the Bitcoin Rainbow chart revealed that the coin entered the “BUY” zone. After remaining in that zone for a few months, BTC’s price skyrocketed.
A similar trend was seen in BTC’s 2024 Rainbow chart, as it indicated that the coin was in the buy zone.
If that is to be considered, then this might just be the last opportunity for investors to buy BTC at a lower price before it moves up and enters the accumulate and HODL zones.
Source: BLOCKCHAINCENTER
AMBCrypto then analyzed BTC’s on-chain metrics to see whether investors have considered buying BTC as suggested by the Rainbow chart.
We found that its Exchange Outflow dropped last week after spiking on the 24th of May. Its Supply on Exchanges increased, meaning that investors chose to rather sell.
Source: Santiment
Our look at CryptoQuant’s data revealed that BTC’s net deposit on exchanges was high compared to the last seven-day average, further hinting at high selling pressure.
Apart from this, its Coinbase Premium was red, meaning that selling sentiment was dominant among U.S. investors.
Bitcoin’s troubles are far from ending
AMBCrypto then checked whether the rise in selling pressure could result in a price correction.
We found that investors weren’t following the Bitcoin Rainbow chart as its aSORP was red, suggesting that more investors are selling at a profit. In the middle of a bull market, it can indicate a market top.
At press time, BTC’s fear and greed index had a value of 74, meaning that the market was in a “greed” phase. Whenever the metric reaches that level, it indicates a price correction.
Source: CryptoQuant
Is your portfolio green? Check out the BTC Profit Calculator
Like metrics, most of the technical indicators also looked bearish. For instance, the MACD displayed the possibility of a bearish crossover.
The Relative Strength Index (RSI) registered a decline, indicating a price drop soon. Nonetheless, the Chaikin Money Flow (CMF) remained bullish as it went northwards.
Source: TradingView
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All knowledge, it is said, comes from experience, but does that not mean that the more we experience, the wiser we become? If wisdom is the understanding of life, then should we not chase every experience we can, taste every flavor, walk every path, and embrace every feeling? Perhaps the greatest tragedy is to live cautiously, never fully opening oneself to the richness of being.
Man is said to seek happiness above all else, but what if true happiness comes only when we stop searching for it? It is like trying to catch the wind with our hands—the harder we try, the more it slips through our fingers. Perhaps happiness is not a destination but a state of allowing, of surrendering to the present and realizing that we already have everything we need.
Even the gods, if they exist, must laugh from time to time. Perhaps what we call tragedy is merely comedy from a higher perspective, a joke we are too caught up in to understand. Maybe the wisest among us are not the ones who take life the most seriously, but those who can laugh at its absurdity and find joy even in the darkest moments.
The essence of existence is like smoke, always shifting, always changing, yet somehow always present. It moves with the wind of thought, expanding and contracting, never quite settling but never truly disappearing. Perhaps to exist is simply to flow, to let oneself be carried by the great current of being without resistance.
Even the gods, if they exist, must laugh from time to time. Perhaps what we call tragedy is merely comedy from a higher perspective, a joke we are too caught up in to understand. Maybe the wisest among us are not the ones who take life the most seriously, but those who can laugh at its absurdity and find joy even in the darkest moments.
If everything in this universe has a cause, then surely the cause of my hunger must be the divine order of things aligning to guide me toward the ultimate pleasure of a well-timed meal. Could it be that desire itself is a cosmic signal, a way for nature to communicate with us, pushing us toward the fulfillment of our potential? Perhaps the true philosopher is not the one who ignores his desires, but the one who understands their deeper meaning.
The cosmos is said to be an ordered place, ruled by laws and principles, yet within that order exists chaos, unpredictability, and the unexpected. Perhaps true balance is not about eliminating chaos but embracing it, learning to see the beauty in disorder, the harmony within the unpredictable. Maybe to truly understand the universe, we must stop trying to control it and simply become one with its rhythm.