|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Bitcoin (BTC) Price Correction May Be Brewing as Metrics Flash Bearish Signals
Sep 30, 2024 at 05:00 am
Bitcoin [BTC] successfully crawled above $66k a few days back, sparking excitement in the community. But the trend didn’t last as it again fell below that mark
Bitcoin [BTC] witnessed a price correction in the last 24 hours, pushing it under $66K. At press time, BTC was trading at $65,504.34. In fact, AMBCrypto reported earlier that there were chances of BTC falling victim to a price correction.
In the meantime, Crypto Bullet, a popular crypto analyst, recently posted a tweet revealing a bearish divergence on BTC’s 4-hour chart.
Whenever such a divergence appears, it suggests that the chances of a price correction are high. The tweet mentioned that in case of the bearish trend reversal, then its investors might as well witness BTC once again dropping to $60K.
Source: X
What metrics suggest
AMBCrypto then checked the king coin’s on-chain data to find out whether they also indicated a price correction.
As per our analysis of Santiment’s data, it revealed that after a spike, BTC’s MVRV ratio dropped slightly in the last few days, which can be inferred as a bearish signal.
Market sentiment around the coin also turned bearish, which was evident from the drop in its weighted sentiment.
Source: Santiment
Apart from that, AMBCrypto’s look at Coinglass’ data also revealed a bearish signal. We found that Bitcoin’s long/short ratio dipped. A drop in the metric means that there are more short positions in the market than long positions.
This can be considered a bearish signal as it hints at a rise in bearish sentiment.
Source: Coinglass
However, not everything was in the bears’ favor. For instance, the fear and greed index had a value of 38% at press time. This meant that the market was in a “fear” phase.
Whenever that happens, it suggests that there is a possibility of a price increase. If that turns out to be true, then BTC might not as well drop to $60K again in the near term. Therefore, we checked the coin’s daily chart.
Is your portfolio green? Check out the BTC Profit Calculator
As per our analysis, the 9-day MA was still above the 21-day MA, signaling a bullish advantage in the market. If the bull rally begins again, then BTC might first target $68K.
If the aforementioned analysis is true, then BTC might fall to $60K again.
Source: TradingView
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Meta CEO Mark Zuckerberg Is Now the World's Fourth-Wealthiest Billionaire, with a Net Worth of $201B
- Sep 30, 2024 at 08:35 am
- Meta is currently trading at approximately $567 per share at the time of this writing — a more than six-fold increase since the stock's November 2022 lows of roughly $88 per share.
-
- Solana (SOL) Price Action Stalls as Concerns Over Bot Activity Inflating User Numbers Emerge
- Sep 30, 2024 at 08:25 am
- Recently, a Reddit user shared an image showing microtransactions and questioned why bots were buying 0.0001 Solana continuously. This information raised significant concerns about the actual network activity data.
-
- The Coinbase Effect: As App Popularity Surges, Bitcoin May Be Undergoing a Retail Resurgence
- Sep 30, 2024 at 08:15 am
- In a development that has sent ripples through the cryptocurrency world, Coinbase, one of the world's leading cryptocurrency exchanges, has recently broken into the top 400 apps on the Apple App Store.
-
- CYBRO Presale Soars Past $2.5 Million: A One-in-a-Kind NeoBank Investment Opportunity
- Sep 30, 2024 at 08:15 am
- CYBRO is capturing the attention of crypto whales as its exclusive token presale quickly surges above $2.5 million. This cutting-edge NeoBank offers investors unparalleled opportunities to maximize their earnings in any market condition.