- BTC is down almost 1% in the past 24 hours.
- Social metrics were high, but other indicators looked bearish.
Bitcoin [BTC] has not been very volatile lately as the price has been on a sideways trajectory. As AMBCrypto previously reported, investors may have to expect a few more slow days, which is further reflected in the latest data sets.
In particular, Bitcoin’s MACD and Money Flow Index (MFI) looked bearish. But Can anything change in the trend in the short term?
Bitcoin may not become volatile
IntoTheBlock recently posted a tweet highlighting that the 30-day average intraday move for Bitcoin was lower than that of traditional markets. This indicated a period of relatively low volatility for BTC.
Moreover, AMBCrypto discovered that while BTC‘s price went sideways, the Open Interest remained relatively high. High Open Interest generally indicates that the ongoing price trend could continue further.
Source: Coinglass
Did anything change overnight?
Although BTC did not register much movement, investors continued to accumulate at the time of writing. This was evident from the fact that outflows from BTC exchanges spiked in the recent past.
Furthermore, BTC supply on exchanges remained lower than off-exchange supply, indicating that buying pressure on the coin was higher than selling pressure, reflecting investor confidence in the king of cryptos.
Source: Santiment
Things also looked good for BTC on the social front, as its social dominance increased by more than 50% in the past week. But despite the slow price movements Bitcoins Market Dominance registered an increase, which looked optimistic.
However, one bearish measure was the coin’s AltRank, which rose over the past seven days.
Source: LunarCrush
When AMBCrypto checked BTC‘s daily chart, we found that not much had changed in the past few hours. The MACD continued to show an ongoing battle between the bulls and bears at press time.
Read Bitcoins [BTC] Price prediction 2023-24
The Bollinger Bands data also showed that the coin’s price was in a less volatile zone.
However, the Relative Strength Index (RSI) moved sideways but the Money Flow Index (MFI) looked bullish as it rose slightly in the recent past. At the time of writing, BTC was trade at $37,787.55, with a market cap of over $739 billion.
Source: TradingView