Flow

Nothing

MN Coin

<ul>
 <li>Bitcoin’s social metrics dropped in the last week.&nbsp;</li>
 <li style="font-weight: 400;">Derivatives metrics and market indicators looked bearish on the king coin.</li>
</ul>
After successfully crossing the $44,000 mark, <a href="https://ambcrypto.com/search/bitcoin" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Bitcoin’s [BTC]</a> growth momentum declined. However, it fell prey to a price correction, as both its daily and weekly charts turned red.&nbsp;
AMBCrypto had earlier <a href="https://ambcrypto.com/bitcoin-to-fall-to-38k-the-case-for-this-price-prediction-is/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">reported</a> that BTC’s price could plummet to $38,000 in the coming days. 
At press time, <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">CoinMarketCap</a> showed that the king coin&nbsp;was down by more than 6% in the last seven days, trading at $40,918.60 with a market cap of over $800 billion.
<h4>Bitcoin is slowing down</h4>
If the latest data is to be considered, investors should expect the king of cryptos’ price action to remain slow. 
Notably, X (formerly Twitter) analyst CryptoCon recently revealed that <a href="https://ambcrypto.com/institutional-players-love-for-bitcoin-continues-the-why-of-it-all/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Bitcoin</a> has reached its final, light resistance point on MVRV before reaching the red zone. 
Therefore, investors must remain patient until BTC’s MVRV Ratio crosses the red line before the coin starts to register price hikes.&nbsp;
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Almost there… but not quite.<a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> has reached the final, light resistance point on MVRV before reaching the red zone.
 So light in fact, it's barely detectable!
 Nothing has changed here.
 Break out of green, go to red.
 Awaiting patiently for its arrival!
 47 – 49k. <a href="https://t.co/qiqALmnV2C" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/qiqALmnV2C</a>
 — CryptoCon (@CryptoCon_) <a href="https://twitter.com/CryptoCon_/status/1734600123680788760?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">December 12, 2023</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
AMBCrypto then took a look at social metrics to better understand what the market was expecting. It appeared that its Social Volume fell, suggesting a decline in its popularity. 
Negative sentiment around the coin also remained high, as evident from the dip in its Weighted Sentiment.
<div id="attachment_358515" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-BTC-10.38.22-13-Dec-2023.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-358515" decoding="async" class="wp-image-358515 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-BTC-10.38.22-13-Dec-2023.png" alt="" width="3840" height="1300" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-BTC-10.38.22-13-Dec-2023.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-BTC-10.38.22-13-Dec-2023-300x102.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-BTC-10.38.22-13-Dec-2023-1024x347.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-BTC-10.38.22-13-Dec-2023-768x260.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-BTC-10.38.22-13-Dec-2023-1536x520.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-BTC-10.38.22-13-Dec-2023-2048x693.png 2048w" sizes="(max-width: 3840px) 100vw, 3840px"></a>
 Source: Santiment
</div>
<h4>The derivatives market looks bearish</h4>
AMBCrypto took a look at Bitcoin’s derivatives market, which showed another bearish signal. According to <a href="https://www.coinglass.com/currencies/BTC" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">Coinglass</a>, both BTC’s Funding Rate and Open Interest increased in the recent past. 
This meant that futures investors were actively buying BTC while its price remained low, increasing the chances of a trend continuation over the coming days.
<div id="attachment_358516" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Coinglass-BTC.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-358516" decoding="async" class="wp-image-358516 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Coinglass-BTC.png" alt="" width="1717" height="413" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Coinglass-BTC.png 1717w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Coinglass-BTC-300x72.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Coinglass-BTC-1024x246.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Coinglass-BTC-768x185.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Coinglass-BTC-1536x369.png 1536w" sizes="(max-width: 1717px) 100vw, 1717px"></a>
 Source: Coinglass
</div>
Read <a href="https://ambcrypto.com/predictions/bitcoin-price-prediction" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Bitcoin’s [BTC] Price Prediction</a> 2023-24
Upon a look at BTC’s daily chart, AMBCrypto found even more bearish indicators. Notably, its MACD displayed a clear bearish crossover. Moreover, both the Relative Strength Index (RSI) and the Money Flow Index (MFI) registered downticks. 
As per the Bollinger Bands, <a href="https://ambcrypto.com/bitcoin-why-this-might-be-the-right-time-to-buy-the-dip/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">BTC</a>’s price was entering a less volatile zone. This further increased the chances of a few more slow-moving days before BTC kick-starts a fresh bull rally.
<div id="attachment_358517" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/BTCUSD_2023-12-13_10-48-17.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-358517" decoding="async" class="wp-image-358517 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/BTCUSD_2023-12-13_10-48-17.png" alt="" width="1563" height="791" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/BTCUSD_2023-12-13_10-48-17.png 1563w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/BTCUSD_2023-12-13_10-48-17-300x152.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/BTCUSD_2023-12-13_10-48-17-1024x518.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/BTCUSD_2023-12-13_10-48-17-768x389.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/BTCUSD_2023-12-13_10-48-17-1536x777.png 1536w" sizes="(max-width: 1563px) 100vw, 1563px"></a>
 Source: TradingView
</div>

What Bitcoin’s waning price means for its prediction

AMBCrypto

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