Flow

bullish

Bitcoin

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin’s price momentum has shifted from negative to positive despite recent price drop.</li>
 <li>Market indicators suggest now might be a good time to accumulate Bitcoin.</li>
</ul>
<p>After reaching over $69k, <a href="https://coineagle.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> has once again slipped below this level. However, recent data suggests this could be an opportune time to acquire more BTC.</p>
<h2 id="the-bitcoin-situation">The Bitcoin Situation</h2>
<p>Bitcoin gathered bullish momentum as it surpassed $69k on July 27, sparking hope among investors that it could reach $70k again. But the bears took over, causing a price drop in the following hours. Currently, BTC is trading at $67,481.86 with a market capitalization exceeding $1.33 trillion.</p>
<p>Crypto analyst Ali posted a tweet revealing that BTC’s Hash Ribbon signals the end of Bitcoin miner capitulation, indicating a shift in BTC price momentum from negative to positive. The Bitcoin hash ribbon represents the hash rate and price recovery following miner capitulations, typically producing powerful long-term buy signals.</p>
<h2 id="is-buying-pressure-increasing">Is Buying Pressure Increasing?</h2>
<p>Given the above-mentioned indicator’s suggestion of a buying opportunity, it was necessary to check whether investors were actively purchasing the coin. Analysis of Santiment’s data revealed an increase in BTC’s supply on exchanges and a drop in its supply outside of exchanges, indicating increased selling pressure. This was further confirmed by a spike in its exchange outflow.</p>
<p>Interestingly, miners were holding onto their BTC despite a drop in their revenue. This could potentially lead to a trend reversal and force miners to sell BTC in the future. Analysis of BTC’s daily chart showed a downtick in the Relative Strength Index (RSI) and the Money Flow Index (MFI). The technical indicator MACD also hinted at a possible bearish crossover, suggesting an upcoming price correction. However, the Chaikin Money Flow (CMF) indicated potential for a price increase as the indicator moved northwards.</p>

Grab Bitcoin Now: Why Current Sub-$69K Evaluation May Be a Golden Opportunity

목차

CoinEagle.com

2024년 7월 28일에 게재된 다른 기사

Bitcoin Price Climbs As Donald Trump Vows To Fire Gary Gensler, Create Strategic Bitcoin Reserve,...

MAGA and TREMP Prices Surge Ahead of Trump’s Bitcoin Conference

Trump Fuks Kamala (TRUMPKAM) Solana Memecoin Will Surge 19,000%, As SHIB and Dogecoin Underperform

Casper Network halts operations following security breach

Discover the Best New Crypto Coins to Invest in July 2024 – Next Big Crypto to Boom

Bitcoin Crisis on X After Donald Trump’s Historic Speech – There is a Statement from Justin Sun

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!