Journalist
Posted:
- BTC is up more than 10% in the past seven days.
- Statistics suggested selling pressure was low, and a number of indicators looked bullish.
Bitcoin [BTC] showed a bullish performance over the past week as its value increased by more than 10%. In the past 24 hours alone, the price of the king coin has risen by more than 2%.
At the time of writing, BTC was trading at $57,141.35 with a market cap of over $1.12 trillion. According to a recent tweet from IntoTheBlock, BTC’s recent uptrend made 95% of its investors profitable.
This increases the chance that holding companies will be liquidated. To check whether this assumption could become reality, AMBCrypto took a look at BTC’s statistics.
Our analysis of CryptoQuant’s facts revealed that Bitcoin’s foreign exchange reserve was declining at the time of writing. As a result, the sales pressure was not high.
The Coinbase premium was also in the green, meaning buying sentiment was dominant among US investors at the time of the report.
Source: CryptoQuant
Things are looking bullish for Bitcoin
The chances of a Bitcoin downturn due to high selling pressure seemed unlikely, recent data showed. So there were higher chances that BTC would continue its bull rally.
Notably, the coin’s MVRV Z-score scored +2 for the first time this bull cycle, which has historically risen during bull rallies.
However, Philip Swift, the founder of LookintoBitcoin, tweeted that there was still a long way to go before this cycle overheated.
Source:
To better understand the possibility of a sustained price move north, AMBCrypto next checked Bitcoin’s daily chart. Our analysis showed that BTC’s MACD was showing a bullish crossover at the time of writing.
This suggested that the bull rally could last longer.
Read Bitcoins [BTC] Price prediction 2024-25
On the other hand, BTC’s Relative Strength Index (RSI) was in the overbought zone.
The Chaikin Money Flow (CMF) also registered a slight decline, indicating that the possibility of a near-term price correction cannot be ruled out.
Source: TradingView