After going near $65k, Bitcoin [BTC] once again turned bearish as the king of cryptos’ daily chart turned red.
once again turned bearish as the king of cryptos’ daily chart turned red. While that happened, short-term holders continued to sell their holdings. Does this mean a trend reversal or a continued price drop? Let’s find out.The king coin’s price increased by more than 8% last week. The uptick allowed bulls to push the coin towards $65k on the 24th of August., at the time of writing, Bitcoin was trading at $63,816.53 with a market capitalization of over $1.28 trillion.
Historically, surges in the metric have regularly coincided with market tops and bottoms, providing useful cues for timing the market. AMBCrypto then checked Glassnode’s data to find out how STHs were behaving. As per our analysis, the STHs were on a selling spree. This was evident from the massive drop in the total supply held by short-term holders over the last three months.To find out whether BTC was at its market bottom, AMBCrypto took a look at BTC’s Pi Cycle Top indicator. As per our analysis, BTC was sitting right at its market bottom of $63.7k.
If the indicator is to be believed, then BTC might soon start its bull rally and reach its possible market top of $102k in the coming weeks or months.We then checked other metrics to find out how likely it is for Bitcoin to begin a fresh bull rally. Our analysis of CryptoQuant’sThis meant that buying sentiment was strong among US investors.BTC’s net deposit on exchanges was also low compared to the last seven-day average, signaling a rise in buying pressure.
These indicated that investors might witness BTC’s price to decline in the short-term before it regains bullish momentum.
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