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Cryptocurrency News Articles
Bitcoin (BTC) Has Been on Steady Hike Over the Past Week. However, the Prevailing Trend Might Change Soon
Oct 19, 2024 at 08:00 pm
Bitcoin [BTC] has been on steady hike over the past week. In fact, its latest bull trend allowed the king coin to cross $68k on the price charts.
Bitcoin [BTC] price has been surging over the past week. In fact, the latest bull trend allowed BTC to cross $68k on the price charts. However, the prevailing trend might change soon, albeit for a short while.
This seemed to be the case, especially as a bearish divergence appeared on Bitcoin’s price chart.
Bitcoin’s key strengths
CoinMarketCap showed that the crypto’s price appreciated by over 9% last week, allowing it to jump above $68k. A few developments could have played a major role in BTC’s latest rally, as reported by AMBCrypto.
For instance, Bitcoin’s supply held on exchanges dropped to a 5-year low. This clearly indicated that buying sentiment was dominant in the market – Hinting at a price hike.
Apart from that, AMBCrypto also reported how BTC’s Open Interest soared. To be precise, Bitcoin’s Open Interest hit a record $20 billion, just 8% below its ATH. Whenever the metric rises, it means that the chances of the ongoing price trend continuing are high.
Satoshi Club, a popular X handle that shares updates related to cryptos, recently posted a tweet highlighting yet another major development. According to the same, BTC’s supply held by addresses that bought in the last 12 months is now at a 2-year high. This trend has accelerated recently on the back of ETFs seeing inflows of $2.1 billion over the last five days.
However, not everything has been working in the king coin’s favor. A bearish divergence was spotted on the one-day chart, as highlighted by Ali, a popular crypto analyst. This indicated that there were chances of a short-term price correction here. Hence, it’s worth taking a closer look at the current state of Bitcoin.
A price correction is inevitable?
An analysis of CryptoQuant’s data by AMBCrypto revealed quite a few interesting metrics. For instance, the king coin’s binary CDD was green, meaning that long-term holders’ movement in the last 7 days was lower than the average. They have a motive to hold their coins.
But, the aSORP suggested that more investors have been selling at a profit. In the middle of a bull market, it can indicate a market top.
Moreover, the NULP was also bearish, as it indicated that investors were in a belief phase where they were in a state of high unrealized profits.
Finally, we then took a look at Bitcoin’s daily chart to find the possible support the coin might drop to in case of a price correction.
Bitcoin’s daily chart showed that a price correction might see BTC once again dropping to $66k. A slip under that level could push the coin further down to $62.8k.
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!
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