Close Menu
  • News
    • Bitcoin
    • Altcoins
    • DeFi
    • Market Cap
  • Blockchain
  • Web 3
    • NFT
    • Metaverse
  • Regulation
  • Analysis
  • Learn
  • Blog
  • Contact
    • Tech7685@gmail.com
What's Hot

Ethereum cools down as Bitcoin Strances: the rotation game of Smart Money Decoding!

2025-05-19

Interlink and Blazpay Partner to improve the user experience in Web3 with AI

2025-05-19

Trump administration to beat bank rules designed to prevent collapse in 2008 style: report

2025-05-19
Facebook X (Twitter) Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Advertise
  • Free.cc (Free Crypto)
Facebook X (Twitter) Instagram
Bitcoin Platform – Bitcoin | Altcoins | Blockchain | News Stories Updated Daily
  • News
    • Bitcoin
    • Altcoins
    • DeFi
    • Market Cap
  • Blockchain

    Interlink and Blazpay Partner to improve the user experience in Web3 with AI

    2025-05-19

    Filmmaker David Goyer bets on blockchain for the next sci-fi franchise

    2025-05-19

    Jesse Pollak explains how Pectra Upgrade will overload the basic network

    2025-05-19

    Ice Open Network welcomes Soonchain AI in its online+ ecosystem to stimulate web3 ai-game development

    2025-05-18

    Chainware and Karatdao work together to redefine security and identity in chains

    2025-05-18
  • Web 3
    • NFT
    • Metaverse
  • Regulation

    Trump administration to beat bank rules designed to prevent collapse in 2008 style: report

    2025-05-19

    Mastermind Behind Sec Sim -exchange schedule sentenced to 14 months in prison for manipulating Bitcoin price

    2025-05-18

    Capital One pays $ 425,000,000 to customers after they have reportedly cheated customers from a higher return on bank balance

    2025-05-18

    Myth or reality? Mica and its real impact on the market that dissolve common misconceptions

    2025-05-18

    Judge denies joint bid from Ripple and the SEC to end their long -term legal battle to end XRP

    2025-05-17
  • Analysis

    Dogecoin (Doge) is struggling to support profit while Meme Coin cools Mania

    2025-05-19

    Crypto analyst says that Bitcoin correction comes before the outbreak to the new all-time here is his prediction

    2025-05-19

    XRP – Price is struggling to keep the ground – breakdown or breathing break?

    2025-05-19

    The American stock market now looks more favorable than pre-trade war, according to Tom Lee from Fundstrat-Dit why is why

    2025-05-18

    Analyst who mentioned XRP price mark at $ 0.5 says that the increase in this level is coming

    2025-05-17
  • Learn

    Types of Blockchain Layers Explained: Layer 0, Layer 1, Layer 2 and Layer 3

    2025-05-16

    Token vs. Coin: Key Differences You Must Know as a Beginner

    2025-05-15

    Inside Changelly: 10 years of steadfast support and compliance

    2025-05-15

    What Is Proof-of-Work (PoW)?

    2025-05-12

    What Is Proof-of-Authority (PoA)?

    2025-05-09
  • Blog
  • Contact
    • Tech7685@gmail.com
Bitcoin Platform – Bitcoin | Altcoins | Blockchain | News Stories Updated Daily
Home»Bitcoin»Is Bitcoin Waiting for Another Price Correction?
Bitcoin

Is Bitcoin Waiting for Another Price Correction?

2023-06-24No Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email


  • Market participants posted non-trivial gains of $537 million after BTC’s price surge.
  • BTC’s RSI was in an overbought position, which could spell trouble.

From Bitcoin [BTC] price gained upward momentum last week, allowing it to cross the $30,000 mark again. The uptrend gave investors hope for better days as the price of BTC had remained relatively dormant for weeks. While the price action looked bullish, if history is to be believed, it could also be the other way around.


Read From Bitcoin [BTC] Price prediction 2023-24


Bitcoin finally claims the $30,000 spot

After several weeks of waiting, BTC finally managed to put a smile on investors’ faces by registering a promising uptick. According to CoinMarketCapthe price of BTC is up more than 18% in the past seven days.

At the time of writing, it was trading at $30,150.42 with a market cap of over $587 billion.

a tweet of Glassnode pointed out that Bitcoin’s recent breakout above the $30,000 price level has led to an increase in profits sent to exchanges, with profitable inflows of $62.8 million. However, BTC gains have come to a halt, as evidenced by the marginal increase in price over the past 24 hours.

This can cause problems

Glassnode, in another tweet, indicated a remarkable development. According to the tweet, after the recent surge in Bitcoin price action, market participants closed in on a $537 million nontrivial gain, the second-largest profit-taking event of the past year.

As can be seen from the chart, the last time such an event occurred was followed by a drop in the price of BTC.

See also  Explaining Why Bitcoin Miners Celebrate Runes After BTC Halving

Take a look at BTCThe daily chart gave no reason to be bearish on the coin. For example, the Exponential Moving Average (EMA) ribbon showed a bullish crossover as the 20-day EMA reversed the 55-day EMA.

The MACD’s findings also complemented those of the EMA Ribbon as it revealed a clear bullish upside in the market. Additionally, BTC‘s Chaikin Money Flow (CMF) registered an uptick after a decline, which also looked bullish.

Source: TradingView


Is your wallet green? Check the Bitcoin Profit Calculator


Therefore caution is advised

While market indicators were bullish, Bitcoin’s on-chain metrics told a different story. From CryptoQuant, BTC’s Relative Strength Index (RSI) was in an overbought position. This could increase selling pressure, resulting in a price correction in the coming days.

BTC net deposits to exchanges were high compared to the past seven days, suggesting that selling pressure has already increased. On top of that, BTCThe fear and greed index had a score of 65 at press time, which was also a bearish signal.



Source link

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Ethereum cools down as Bitcoin Strances: the rotation game of Smart Money Decoding!

2025-05-19

Bitcoin’s transaction costs rises to a YTD height of $ 2.4

2025-05-19

All the reasons why the price of Bitcoin could be set for an explosive rally

2025-05-19

$ 10 million bitcoin? Investment Pro calls it ‘chance’ of your life

2025-05-18
Add A Comment
Leave A Reply Cancel Reply

Top Posts

‘Symbiogenesis’ Launch Date Revealed as Square Enix Hands Out Free NFTs

2023-11-27

Why could this Dogecoin rival be the next Pepe or Bonk?

2024-01-04

LINK gains 6% in one day as the market recovers, what’s next?

2023-09-18
Editors Picks

ADA bulls fail to defend key support; traders can prepare for this scenario

2023-10-10

mstylelab: Macy’s newest venture into digital fashion

2023-10-19

While watching the DOGE Vs. SHIB Battle, This Undervalued Solana Token is Gaining Momentum and Poised for X550 Growth Next Year

2025-01-19

XEN crypto rises 75% in a day: important levels to keep an eye on

2024-11-16

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, Defi, NFT, Metaverse and more.

We're social. Connect with us:

Facebook X (Twitter) Instagram Pinterest YouTube
Top Insights

Ethereum cools down as Bitcoin Strances: the rotation game of Smart Money Decoding!

Interlink and Blazpay Partner to improve the user experience in Web3 with AI

Trump administration to beat bank rules designed to prevent collapse in 2008 style: report

Get Informed

Subscribe to Updates

Get the latest news and Update from Bitcoin Platform about Crypto, Metaverse, NFT and more.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Advertise
  • Free.cc (Free Crypto)
© 2025 Bitcoinplatform.com - All rights reserved.

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$102,247.78-1.60%
  • ethereumEthereum(ETH)$2,389.61-4.48%
  • tetherTether USDt(USDT)$1.00-0.02%
  • rippleXRP(XRP)$2.31-3.47%
  • binancecoinBNB(BNB)$637.45-1.23%
  • solanaSolana(SOL)$160.77-6.02%
  • usd-coinUSDC(USDC)$1.00-0.01%
  • dogecoinDogecoin(DOGE)$0.215521-3.44%
  • cardanoCardano(ADA)$0.72-4.40%
  • tronTRON(TRX)$0.264000-3.11%
  • suiSui(SUI)$3.61-5.54%
  • chainlinkChainlink(LINK)$15.10-3.51%
  • avalanche-2Avalanche(AVAX)$21.52-6.27%
  • stellarStellar(XLM)$0.279483-3.49%
  • hyperliquidHyperliquid(HYPE)$25.17-6.27%
  • shiba-inuShiba Inu(SHIB)$0.000014-4.85%
  • unus-sed-leoUNUS SED LEO(LEO)$8.60-1.23%
  • hedera-hashgraphHedera(HBAR)$0.185823-4.09%
  • bitcoin-cashBitcoin Cash(BCH)$380.99-4.42%
  • the-open-networkToncoin(TON)$2.96-4.27%
  • litecoinLitecoin(LTC)$95.18-3.21%
  • polkadotPolkadot(DOT)$4.47-5.86%
  • moneroMonero(XMR)$344.200.08%
  • bitget-tokenBitget Token(BGB)$5.10-2.80%
  • daiDai(DAI)$1.000.00%
  • pepePepe(PEPE)$0.000013-4.72%
  • piPi(PI)$0.71-2.14%
  • ethena-usdeEthena USDe(USDE)$1.000.00%
  • uniswapUniswap(UNI)$5.70-3.73%
  • bittensorBittensor(TAO)$389.74-7.41%
  • aaveAave(AAVE)$218.60-3.57%
  • nearNEAR Protocol(NEAR)$2.66-3.39%
  • aptosAptos(APT)$4.97-4.05%
  • okbOKB(OKB)$51.81-2.39%
  • ondo-financeOndo(ONDO)$0.89-4.68%
  • kaspaKaspa(KAS)$0.103882-7.05%
  • ethereum-classicEthereum Classic(ETC)$17.71-3.64%
  • internet-computerInternet Computer(ICP)$5.02-4.06%
  • gatechain-tokenGateToken(GT)$21.23-1.26%
  • official-trumpOFFICIAL TRUMP(TRUMP)$12.49-3.36%
  • crypto-com-chainCronos(CRO)$0.093551-5.83%
  • mantleMantle(MNT)$0.73-1.87%
  • polygon-ecosystem-tokenPOL (prev. MATIC)(POL)$0.228913-3.85%
  • vechainVeChain(VET)$0.026923-4.95%
  • render-tokenRender(RENDER)$4.36-5.67%
  • usd1World Liberty Financial USD(USD1)$1.00-0.01%
  • ethenaEthena(ENA)$0.348352-7.50%
  • filecoinFilecoin(FIL)$2.75-3.95%
  • algorandAlgorand(ALGO)$0.212197-4.40%
  • cosmosCosmos(ATOM)$4.62-4.24%
  • bitcoinBitcoin(BTC)$102,247.78-1.60%
  • ethereumEthereum(ETH)$2,389.61-4.48%
  • tetherTether USDt(USDT)$1.00-0.02%
  • rippleXRP(XRP)$2.31-3.47%
  • binancecoinBNB(BNB)$637.45-1.23%
  • solanaSolana(SOL)$160.77-6.02%
  • usd-coinUSDC(USDC)$1.00-0.01%
  • dogecoinDogecoin(DOGE)$0.215521-3.44%
  • cardanoCardano(ADA)$0.72-4.40%
  • tronTRON(TRX)$0.264000-3.11%
  • suiSui(SUI)$3.61-5.54%
  • chainlinkChainlink(LINK)$15.10-3.51%
  • avalanche-2Avalanche(AVAX)$21.52-6.27%
  • stellarStellar(XLM)$0.279483-3.49%
  • hyperliquidHyperliquid(HYPE)$25.17-6.27%
  • shiba-inuShiba Inu(SHIB)$0.000014-4.85%
  • unus-sed-leoUNUS SED LEO(LEO)$8.60-1.23%
  • hedera-hashgraphHedera(HBAR)$0.185823-4.09%
  • bitcoin-cashBitcoin Cash(BCH)$380.99-4.42%
  • the-open-networkToncoin(TON)$2.96-4.27%
  • litecoinLitecoin(LTC)$95.18-3.21%
  • polkadotPolkadot(DOT)$4.47-5.86%
  • moneroMonero(XMR)$344.200.08%
  • bitget-tokenBitget Token(BGB)$5.10-2.80%
  • daiDai(DAI)$1.000.00%
  • pepePepe(PEPE)$0.000013-4.72%
  • piPi(PI)$0.71-2.14%
  • ethena-usdeEthena USDe(USDE)$1.000.00%
  • uniswapUniswap(UNI)$5.70-3.73%
  • bittensorBittensor(TAO)$389.74-7.41%
  • aaveAave(AAVE)$218.60-3.57%
  • nearNEAR Protocol(NEAR)$2.66-3.39%
  • aptosAptos(APT)$4.97-4.05%
  • okbOKB(OKB)$51.81-2.39%
  • ondo-financeOndo(ONDO)$0.89-4.68%
  • kaspaKaspa(KAS)$0.103882-7.05%
  • ethereum-classicEthereum Classic(ETC)$17.71-3.64%
  • internet-computerInternet Computer(ICP)$5.02-4.06%
  • gatechain-tokenGateToken(GT)$21.23-1.26%
  • official-trumpOFFICIAL TRUMP(TRUMP)$12.49-3.36%
  • crypto-com-chainCronos(CRO)$0.093551-5.83%
  • mantleMantle(MNT)$0.73-1.87%
  • polygon-ecosystem-tokenPOL (prev. MATIC)(POL)$0.228913-3.85%
  • vechainVeChain(VET)$0.026923-4.95%
  • render-tokenRender(RENDER)$4.36-5.67%
  • usd1World Liberty Financial USD(USD1)$1.00-0.01%
  • ethenaEthena(ENA)$0.348352-7.50%
  • filecoinFilecoin(FIL)$2.75-3.95%
  • algorandAlgorand(ALGO)$0.212197-4.40%
  • cosmosCosmos(ATOM)$4.62-4.24%