Bitcoin’s price in the market recently experienced a drop of over 2%, and current indicators suggest a potential slight decline before gaining bullish momentum. Despite the recent bearish trend, several key factors might indicate an upcoming rally.
Bitcoin’s price decreased by more than 2% over the past week, and at the time of writing, it was trading at $67,674.15, with a market capitalization exceeding $1.33 trillion. A crucial support level for BTC is at $66,000, and the coin is trading above this level, which is a positive sign. Additionally, there have been 13 consecutive positive ETF inflows, supporting a bullish outlook.
The binary CDD indicator shows lower-than-average movements by long-term holders, indicating stability. However, there are also bearish signals. Higher net deposits on exchanges suggest increased selling, and the aSORP indicator shows that more investors are selling at a profit, which can signal a market top. The Fear and Greed Index is currently at 72, indicating high greed, which often precedes a price correction.
On the other hand, the Pi Cycle Top Indicator suggests Bitcoin’s price is near its 111-day moving average, indicating a possible rebound. Both the Money Flow Index (MFI) and Chaikin Money Flow (CMF) show declining trends, hinting at a short-term price drop before a recovery.
Overall, Bitcoin may experience a brief decline but is gathering momentum for a potential bullish rally in the near future.
Source: AMB CRYPTO
