- A new analysis suggested that the BTC price could decline in the coming days.
- A slowdown was observed in on-chain metrics and some market indicators.
For the past few days, the cryptocurrency market is on a bullish streak, which is driving up the prices of most cryptocurrencies. Bitcoin (BTC)The market leader also benefited from the situation.
According coin market capThe BTC price increased more than 3% and 13% in the last 24 hours and in the last seven days, respectively. At the time of writing, BTC was trading at $24,482.41 with a market capitalization of over $472.4 billion. However, the tables may soon turn.
Reading Bitcoin (BTC) Price Prediction 2023-24
short term problems
CryptoOnchain, a writer and analyst at CryptoQuant, posted a Analysis 17, which suggested that the good days for BTC could be coming to an end soon. According to the analysis, there was an increase in bitcoin inflows to exchanges and stablecoins outflows from exchanges, a bearish sign.
The slowdown was also visible for a few other metrics BTcFor example, Glassnode Alerts revealed that bitcoin balances on exchanges hit a one-month high of 2,267,202,721 BTC.
📈 #bitcoin $BTC Balances on exchanges reach a 1-month high of 2,267,202.721 BTC
The previous 1-month high of 2,266,916.823 BTC was seen on Jan 19, 2023
View metrics: pic.twitter.com/h8ytX0U6f6
— Glassnode Alerts (@glassnodealerts) February 18, 2023
according to cryptoquant Statistics, BTC exchange reserves were also rising, suggesting more selling pressure. On top of that, aSORP was also in the red, so more investors were selling at a profit, signaling a potential market top.
Demand from the derivatives market also appeared to be waning, as the ratio of BTC buyers and sellers suggested that sell sentiment was prevailing in the futures market. According to the feelings chart, BTcThe exchange flow has increased in recent days. Furthermore, the negative sentiment around BTC has also increased, indicating low confidence among investors.
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Bitcoin: what the metrics say
Continuing the downtrend, BTC’s RSI is near the overbought zone, which could add to the selling pressure. Apart from this, king coinChaikin Money Flow (CMF) registered a decline and moved below the neutral mark.
Regardless, the MACD showed a bullish crossover, suggesting a continued upward move in the near term.