Flow

bullish

Future

Bitcoin

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin’s price action has turned bullish again, with its NVT ratio indicating undervaluation.</li> 
 <li>Despite some bearish metrics, BTC’s bull-bear market indicator has switched back to bullish.</li> 
</ul>  
<p>Bitcoin [BTC] investors are currently experiencing a bullish market as the price of the cryptocurrency has seen a positive uptick. This rise in price has pushed a key indicator into the bull zone, prompting a closer analysis of BTC’s current market state and the sustainability of this new uptrend. </p> 
<h2 id="bitcoin-s-bullish-turn">Bitcoin’s Bullish Turn</h2> 
<p>On 23 August, Bitcoin crossed the $61k mark, triggering a bullish sentiment around the cryptocurrency. It is now approaching $65k. CoinMarketCap reports that its price has appreciated by over 5% in the last 24 hours. </p> 
<p>At the time of writing, BTC was trading at $64,276.61 with a market capitalization of over $1.26 trillion. This price hike has resulted in nearly 86% of BTC investors being in profit. </p> 
<p>Crypto analyst Ali recently shared a tweet revealing a bullish development. The BTC bull-bear market indicator has been oscillating between bearish and bullish since early August, but it has now switched back to bullish. This suggests that BTC’s current upswing could continue. </p> 
<h2 id="future-targets-for-btc">Future Targets for BTC</h2> 
<p>With the bull-bear market indicator turning bullish, other datasets were analyzed to determine the likelihood of Bitcoin remaining bullish. Analysis of Glassnode’s data revealed a sharp decline in BTC’s NVT ratio. A decrease in this metric indicates that the asset is undervalued, suggesting a potential price hike. </p> 
<p>CryptoQuant’s data showed that BTC’s net deposit on exchanges was low compared to the last seven-day average, indicating a decrease in selling pressure. However, some metrics turned bearish. For example, the aSORP was red, suggesting more investors were selling at a profit, which can indicate a market top in a bull market. </p> 
<p>Despite this, the daily chart of BTC was analyzed to better understand whether it can sustain the bull momentum. The technical indicator MACD displayed a bullish crossover, and its Chaikin Money Flow (CMF) also showed an uptick. </p> 
<p>If the bull rally continues, BTC might soon break the $65.2k resistance and approach $68k. However, if a bearish takeover occurs, Bitcoin might drop to $57k again.</p>

Bitcoin Journey to $68K: Top Trading Trends to Monitor

Table of Contents

CoinEagle.com

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