Bitcoin Is Still Strong Above $59,000. Is It Now Time for a Move to $63,700
Journalist
- Bitcoin remained above a crucial support level at press time.
- Indicators showed BTC trading below its possible market low.
Bitcoin’s Volatility Subsides
According to CoinMarketCap, Bitcoin’s weekly chart remained in the red, with its price moving marginally upwards over the past 24 hours.
At the time of writing, the king of cryptocurrencies was trading at $59,443.16, with a market cap of over $1.17 trillion.
Meanwhile, Titan of Crypto, a well-known crypto analyst, posted a tweet pointing out an interesting development – BTC price was trading just above a critical trend line (red).
Notably, BTC did not close a candle below the red line. Similar episodes occurred back in 2021 and 2022. During these events, Bitcoin saw promising recoveries after touching the same red line.
If history repeats itself, investors may soon witness BTC gaining bullish momentum.
Will history repeat itself?
AskFX then assessed the coin’s on-chain data to see what it suggested in terms of a recovery.
According to our analysis of CryptoQuant’s data; BTC’s exchange reserve decreased indicating an increase in buying pressure.
The king coin’s Miners’ Position Index (MPI) suggested that miners were selling less holdings compared to their one-year average.
This meant that miners had confidence in BTC and expected a price increase at the upcoming peak.
In addition,BTC’s Binary CDD was also green which means that movement long-term holderswas below average over the past seven days.The have motive hold on coins.Our look at Glassnode’ sdata revealed another bullish indicator.BTC’s Pi Cycle Top indicator pointed outdothatBTC pricewmazremjdSgpstyemdrtedloworf63 apedetsswiBFoIddpricdhtssthwgttthWdhcnfdeAtBncsnbeastAskFXbepldimilarhistoricalrendthaotnwlsculdleadcilotisarevelopmasNBuJlassnodmeleokedattheBitcookcharts direytdteoudtunderstandwtwphawulisLMTEk’asdychartshowedadTaishTtrscwshNestocketIFiromthrelatgerakgknsutiegtalesiongsessfulbreakakovaboethestPperneRroflRSIsRLndhestreeiIMertahIumlc(aeclacolcdnaluulepsthoHeymb)lf
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