Published in: June 17, 2024
- The price of Bitcoin has fallen almost 5% in the last seven days.
- Most market metrics and indicators were hinting at a continued decline in prices.
bitcoin [BTC] The bulls have been fighting to take control of the market as the crypto king’s weekly chart remained in the red.
However, BTC might have a trick up its sleeve. If the latest data is considered, then BTC was quietly moving within a bullish pattern, which could take it to new highs.
Bitcoin targets $127,000
CoinMarketCap’s data revealed that the price of BTC had decreased by almost 5% in the last seven days. At the time of writing, BTC was trading below $67,000 at $66,147.26 with a market cap of over $1.3 trillion.
Meanwhile, Gert van Lagen, a popular crypto analyst, published a cheep highlighting an interesting development.
According to the tweet, the recent price drop could be because BTC was consolidating within a bullish flag pattern.
The tweet also mentioned that BTC had successfully tested support. If that is true, then BTC could soon begin a bullish rally, which could result in BTC reaching $127k in the coming weeks or months.
BTC’s next move
Since the possibility of BTC reaching $127,000 anytime soon seemed like a long shot, AMBCrypto then evaluated the crypto king’s metrics to find out what to expect in the near term.
Our analysis of Glassnode data revealed that BTC’s NVT ratio spiked sharply. An increase in the metric means that an asset is overvalued, indicating a possible price drop in the coming days.
We then take a look at the CryptoQuant data. We found that the net deposit of BTC on exchanges was higher compared to the average of the last seven days, meaning that the selling pressure on BTC was high.
BTC aSORP was in the red. This means that more investors are selling at a profit. In the midst of a bull market, it may indicate a market top.
However, things in the derivatives market looked positive as its buyers’ bid/sell ratio indicated that buying sentiment was dominant among futures investors.
However, market indicators continued to be bearish for the currency. For example, both the BTC Relative Strength Index (RSI) and Chaikin Money Flow (CMF) recorded declines and were below their respective neutral marks.
The MACD showed a bearish edge in the market, hinting at a continued decline in prices.
Read Bitcoin [BTC] Price prediction 2024-25
AMBCrypto analysis of Hyblock Capital data revealed that if BTC remains bearish, then investors could witness BTC touch $65,000 this week.
A drop below that level could cause BTC to fall to $60,000 in the coming days. On the contrary, if BTC turns bullish, then it could reach $67.65 thousand first.
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