Flow

Bitcoin

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin’s price fell by over 6% last week, but some metrics indicate a possible trend reversal.</li>
 <li>Several indicators suggest Bitcoin’s price may be nearing a market bottom, potentially sparking a bull rally.</li>
</ul>
<p>Bitcoin [BTC] experienced a significant price correction last week, causing concerns among investors. However, there might be a change in the wind, as some indicators hint at a possible trend reversal. This notion is based on BTC’s price pattern, which appears to be reflecting its 2017 trend.</p>
<h2 id="bitcoin-s-historical-trend">Bitcoin’s Historical Trend</h2>
<p>Investors saw a decrease in profits last week as BTC’s price chart remained in the red. Data from CoinMarketCap showed BTC’s price falling by over 6% in the past week, bringing it below the $67k threshold. At the moment, BTC is trading at $66,896.42 with a market capitalization exceeding $1.32 trillion.</p>
<p>Recently, Milkybull, a well-known cryptocurrency analyst, shared a tweet that pointed out an intriguing development. According to the tweet, BTC’s price trend is mirroring its 2017 pattern, which was followed by a bull rally. The tweet suggested that BTC’s price might be approaching a market bottom and could potentially trigger a bull rally if history repeats itself. A bullish divergence was also noted, similar to the one observed in 2017.</p>
<h2 id="is-btc-gearing-up-for-a-rally">Is BTC Gearing Up for a Rally?</h2>
<p>AMBCrypto’s analysis of Glassnode’s data revealed another bullish indicator. According to BTC’s Pi Cycle Top indicator, Bitcoin’s price is currently at its market bottom. If a trend reversal occurs, it could potentially reach $89k.</p>
<p>Data from CryptoQuant was examined to see if the metrics also hinted at a potential price increase. The exchange reserve of BTC was found to be decreasing, indicating a reduction in selling pressure on BTC. The Binary CDD was also in the green, suggesting that the movements of long-term holders in the past week were below average. This could mean they are holding onto their coins. However, other metrics appeared bearish.</p>
<p>For example, BTC’s aSORP suggested that more investors are selling at a profit, which could potentially exacerbate BTC’s already bearish price trend. Furthermore, BTC’s fear and greed index stood at 63% at the time of writing, indicating a “greed” phase in the market. This usually signifies a high chance of a price drop. Other market indicators, such as its Chaikin Money Flow (CMF), also showed a significant downturn.</p>
<p>On the other hand, the Money Flow Index (MFI) was supportive of the bulls as it moved upwards from the neutral mark.</p>

Anticipating a Massive Bitcoin Surge: Will it Hit $89K mirroring 2017 trends?

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CoinEagle.com

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