- The Bitcoin Rainbow Chart suggested that BTC was “still cheap.”
- Selling pressure was rising on BTC, which could cause trouble.
Sentiment around Bitcoin [BTC] remained bullish as the king of cryptos managed to trade well above the $61k mark. In fact, if the latest data is to be considered, then things might get even better.
This was the case as there were high chances of a golden crossover, which could push the coin’s price further up.
Bitcoin’s upcoming golden crossover
CoinMarketCap’s data revealed that BTC bulls dominated last week as the coin’s price surged by more than 7%. At the time of writing, BTC was trading at $64,003.47 with a market capitalization of over $1.2 trillion.
While the bulls led the market, Ali, a popular crypto analyst, posted a tweet revealing an interesting development. As per the tweet, BTC’s MVRV ratio and its 365-day simple moving average (SMA) were on the verge of a crossover.
If that happens, then BTC might experience yet another bull rally, which can push the coin’s price further up.
Source: X
Therefore, AMBCrypto investigated further to find out the odds of the golden crossover happening. As per our analysis of Glassnode’s data, BTC’s price finally touched its possible market bottom, according to the Pi Cycle Top indicator.
In case of a golden crossover, then BTC might soon rally to its possible market top of $103k.
Source: Glassnode
BTC’s road ahead
Our analysis of CryptoQuant’s data revealed that BTC’s exchange reserve was increasing, meaning that selling pressure was rising. Apart from this, BTC’s active addresses dropped by -39.25% compared to yesterday.
The total number of transactions also decreased by -25.39% compared to yesterday. Both of these metrics looked bearish on Bitcoin.
Things in the derivatives market also looked pretty bearish. This was evident from its red taker buy/sell ratio, suggesting that selling sentiment was dominant in the futures market.
Source: CryptoQuant
However, a look at the Bitcoin Rainbow Chart pointed out that there might still be time for investors to accumulate more. The chart revealed that at press time, BTC’s price was in the “still cheap” zone.
This clearly meant that investors might consider buying the coin before its price takes off.
Source: Blockchaincenter
We then assessed the coin’s daily chart to find out what market indicators suggested. The Relative Strength Index (RSI), after a sharp uptick, took a sideways path.
Read Bitcoin’s [BTC] Price Prediction 2024-25
BTC’s Chaikin Money Flow (CMF) also followed a similar trend, hinting at a few slow moving days.
In case of a golden crossover, BTC’s might first target $68k before it eyes its possible market top of $103k. However, if the bears take over, then the coin might drop to $54k again.
Source: TradingView
- The Bitcoin Rainbow Chart suggested that BTC was “still cheap.”
- Selling pressure was rising on BTC, which could cause trouble.
Sentiment around Bitcoin [BTC] remained bullish as the king of cryptos managed to trade well above the $61k mark. In fact, if the latest data is to be considered, then things might get even better.
This was the case as there were high chances of a golden crossover, which could push the coin’s price further up.
Bitcoin’s upcoming golden crossover
CoinMarketCap’s data revealed that BTC bulls dominated last week as the coin’s price surged by more than 7%. At the time of writing, BTC was trading at $64,003.47 with a market capitalization of over $1.2 trillion.
While the bulls led the market, Ali, a popular crypto analyst, posted a tweet revealing an interesting development. As per the tweet, BTC’s MVRV ratio and its 365-day simple moving average (SMA) were on the verge of a crossover.
If that happens, then BTC might experience yet another bull rally, which can push the coin’s price further up.
Source: X
Therefore, AMBCrypto investigated further to find out the odds of the golden crossover happening. As per our analysis of Glassnode’s data, BTC’s price finally touched its possible market bottom, according to the Pi Cycle Top indicator.
In case of a golden crossover, then BTC might soon rally to its possible market top of $103k.
Source: Glassnode
BTC’s road ahead
Our analysis of CryptoQuant’s data revealed that BTC’s exchange reserve was increasing, meaning that selling pressure was rising. Apart from this, BTC’s active addresses dropped by -39.25% compared to yesterday.
The total number of transactions also decreased by -25.39% compared to yesterday. Both of these metrics looked bearish on Bitcoin.
Things in the derivatives market also looked pretty bearish. This was evident from its red taker buy/sell ratio, suggesting that selling sentiment was dominant in the futures market.
Source: CryptoQuant
However, a look at the Bitcoin Rainbow Chart pointed out that there might still be time for investors to accumulate more. The chart revealed that at press time, BTC’s price was in the “still cheap” zone.
This clearly meant that investors might consider buying the coin before its price takes off.
Source: Blockchaincenter
We then assessed the coin’s daily chart to find out what market indicators suggested. The Relative Strength Index (RSI), after a sharp uptick, took a sideways path.
Read Bitcoin’s [BTC] Price Prediction 2024-25
BTC’s Chaikin Money Flow (CMF) also followed a similar trend, hinting at a few slow moving days.
In case of a golden crossover, BTC’s might first target $68k before it eyes its possible market top of $103k. However, if the bears take over, then the coin might drop to $54k again.
Source: TradingView
where to buy clomid can you buy clomiphene without a prescription acquista clomid online clomiphene for sale australia clomid for sale in mexico order clomid without a prescription can i buy clomid without prescription zei:
Greetings! Utter gainful suggestion within this article! It’s the scarcely changes which wish obtain the largest changes. Thanks a a quantity for sharing!
The thoroughness in this piece is noteworthy.
cost azithromycin 250mg – buy tindamax no prescription metronidazole us
buy semaglutide 14mg online – buy cyproheptadine 4mg generic cyproheptadine pills
generic motilium – motilium for sale online buy cyclobenzaprine 15mg
buy inderal 20mg generic – methotrexate 2.5mg over the counter cheap methotrexate 5mg
buy clavulanate online cheap – atbioinfo.com buy acillin online cheap
buy esomeprazole medication – https://anexamate.com/ buy esomeprazole pill
warfarin without prescription – https://coumamide.com/ cozaar 25mg usa
buy mobic 15mg generic – relieve pain purchase meloxicam without prescription
order deltasone 20mg sale – aprep lson deltasone 40mg usa
buy ed medication online – https://fastedtotake.com/ ed pills for sale
purchase amoxil pill – buy amoxicillin tablets order amoxil online cheap
purchase forcan generic – buy fluconazole pills order fluconazole 200mg pills
cenforce ca – https://cenforcers.com/# purchase cenforce online
order cialis online cheap generic – https://ciltadgn.com/ safest and most reliable pharmacy to buy cialis
cialis and melanoma – cialis patent expiration 2016 buy cialis canada
order ranitidine generic – https://aranitidine.com/ zantac where to buy
sildenafil 100 mg oral jelly – https://strongvpls.com/# generic viagra 100mg
The depth in this serving is exceptional. online
This is the compassionate of criticism I in fact appreciate. https://buyfastonl.com/isotretinoin.html
The sagacity in this serving is exceptional. https://ursxdol.com/cenforce-100-200-mg-ed/
This is the stripe of serenity I get high on reading. https://prohnrg.com/product/diltiazem-online/
This website exceedingly has all of the information and facts I needed there this participant and didn’t know who to ask. https://aranitidine.com/fr/acheter-fildena/
Thanks on sharing. It’s top quality. https://ondactone.com/product/domperidone/
More articles like this would make the blogosphere richer.
https://proisotrepl.com/product/toradol/
Palatable blog you have here.. It’s obdurate to find high calibre writing like yours these days. I really appreciate individuals like you! Withstand vigilance!! http://shiftdelete.10tl.net/member.php?action=profile&uid=200438
forxiga pill – https://janozin.com/# dapagliflozin 10mg price
buy orlistat medication – purchase orlistat for sale buy orlistat 60mg pill