[ccpw id="5"]

[ccpw id="5"]

HomeCryptoBitcoin (BTC): Trend reversal on the horizon? Analysts Say... money moguls

Bitcoin (BTC): Trend reversal on the horizon? Analysts Say… money moguls

-

  • 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.

Source: CryptoQuant

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.

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.

Source: Feeling


Is your wallet green? check bitcoin earnings calculator


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.

Source: TradingView

LEAVE A REPLY

Please enter your comment!
Please enter your name here

LATEST POSTS

CEL rises as Celsius settlement gets court go-ahead, details inside money moguls

The court has approved a settlement agreement between Celsius and its Custodial account holder. CEL has seen an increase in trading volume in the last 24...

Reliance Consumer Products Limited launches home and personal care range and expands portfolio money moguls

reflexesRCPL launches home and personal care rangeFMCG Portfolio Expansion AnnouncementThese products will now be available on all channelsMumbai. Reliance Consumer Products Limited (RCPL), a wholly...

SushiSwap (SUSHI) Assessment Renews Heat Amid Potential Tribulation money moguls

Despite the possible investigation, deposits on SushiSwap continue to grow. The community supports the trust fundraiser as the sentiment surrounding the project reflects optimism. Between March...

Most Popular

spot_img