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

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CoinEagle.com

Alte articole publicate pe 28 iul. 2024

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