bullish

Future

Bitcoin

Hoard

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin is nearing $70k, with investors accumulating substantial amounts of BTC. </li> 
 <li>Despite the bullish trend, several indicators suggest a possible price correction. </li> 
</ul>  
<p>Bitcoin’s price is showing bullish momentum, inching closer to the $70k mark. Investors are accumulating Bitcoin, as indicated by recent data. However, the question remains whether Bitcoin’s price will continue to increase or if a price correction is imminent. </p> 
<h2 id="accumulation-of-bitcoin">Accumulation of Bitcoin</h2> 
<p>Data from CoinMarketCap indicates a 3% increase in Bitcoin’s price last week, with a similar surge observed in the past 24 hours. At the time of writing, Bitcoin was trading at $69,535.15, boasting a market capitalization of over $1.37 trillion. </p> 
<p>Crypto analyst Ali tweeted about an interesting development, stating that Bitcoin’s accumulation trend score hit 1. This score indicates the relative size of entities actively accumulating coins on-chain in terms of their Bitcoin holdings. A score closer to 1 suggests high buying pressure. </p> 
<h2 id="bitcoin-s-future-growth">Bitcoin’s Future Growth</h2> 
<p>With a dominant buying sentiment in the market, there’s speculation about whether Bitcoin’s bull rally will continue. According to CryptoQuant’s data, Bitcoin’s binary CDD was green, suggesting that long-term holders’ movement in the last 7 days was lower than average, indicating a motive to hold their coins. </p> 
<p>However, the aSORP turned red, suggesting more investors were selling at a profit. In a bull market, this could indicate a market top. Furthermore, a substantial amount of Bitcoin could get liquidated if Bitcoin touches $70k. Increased liquidation often signals a price correction possibility. </p> 
<p>Therefore, Bitcoin might witness a price correction near $70k, potentially causing a drop to $66k. Technical indicators like the MACD and the Relative Strength Index (RSI) also suggest a possible price correction. The MACD indicates chances of a bearish crossover, while the RSI is nearing the overbought zone, which could increase selling pressure and potentially end Bitcoin’s bull rally. </p>

Bitcoin Enthusiasts Hoard Coins: Prelude to a Potential BTC Bull Market?

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