- The price of BTC has moved marginally over the past 24 hours.
- Market indicators pointed to a few more slow days.
Investors may have been concerned in recent days Bitcoins [BTC] price witnessed multiple corrections.
However, they should not lose hope as this could just be another testing phase that could end with another bull rally.
What history suggests
The past week saw no high volatility in terms of BTC’s price action as the value of the king of cryptos moved marginally. A similar trend was also observed over the past 24 hours.
According to CoinMarketCapAt the time of writing, BTC was trading at $64,796.66 with a market cap of over $1.27 trillion.
However, there were chances that the price of the coin would become volatile in the following days. Mustache, a popular crypto analyst, recently posted a tweet which stated that BTC was in a “retesting phase”.
Considering history, BTC could soon embark on a bull rally as the coin turned bullish when its price showed a similar pattern in 2017 and 2020.
That’s why AMBCrypto checked Bitcoin’s stats to see the chances of the coin actually sparking a bull rally.
However, the statistics look bearish
Despite a historic bull pattern, Bitcoin’s on-chain metrics continued to look bearish. For example, aSOPR was red, according to our analysis of CryptoQuant’s facts.
This meant more investors sold at a profit. In the middle of a bull market, this could indicate a market top.
The binary CDD followed a similar trend, meaning that long-term holders’ moves over the past seven days have been higher than average. If they are moved for the purpose of sale, this could have a negative effect.
Source: CryptoQuant
Nevertheless, other statistics told a different story. Bitcoin’s exchange reserve fell at the time of writing, indicating that selling pressure on the coin was low.
Moreover, the financing rate is and The Taker Buy Sell Ratio was in the green, indicating 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 heading.
Read Bitcoins [BTC] Price prediction 2024-25
Our analysis of the TradingView chart suggested that investors might as well see another slow few 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 the chances of less volatile price movements were high.
Source: TradingView
