- Several on-chain metrics suggested that BTC’s charts would soon turn green.
- Market indicators also pointed to a price increase.
Bitcoin [BTC] has been struggling lately as the bulls have failed to take control of the market. However, this slow price action has not demotivated investors from holding at least 1 BTC.
The intention of investors who own 1 BTC clearly indicates that they expect the price of the king of cryptos to rise.
The demand for BTC is increasing
CoinMarketCaps facts revealed that Bitcoin investors had a terrible month last month as the coin’s price fell by more than 8%.
In fact, the coin has witnessed a 4% price correction in the last seven days. At the time of writing, BTC was trading at $61,611.07 with a market cap of over $1.2 trillion.
Despite the latest price corrections, it was optimistic to see that more than 85% of BTC investors are still making profits, according to IntoTheBlock’s facts. Another interesting piece of data was revealed by a recent study tweet from IntoTheBlock.
According to the tweet, there were more than 1 million addresses holding 1 BTC. This has been a clear long-term trend as more and more people strive to achieve whole coin status.
Apart from this, AMBCrypto’s review of Hyblock Capital’s data also revealed that investors were willing to hold BTC. According to our analysis, BTC’s cumulative liquidation data has fallen sharply after reaching -500,000 a few days ago. This meant that investors expected the price of the coin to rise again soon.
Source: Hyblock Capital
Bitcoin is showing signs of recovery
Investor confidence may only now be paying off as the price of BTC has risen marginally over the past 24 hours. BTC’s aSORP fell below the 1.0 threshold on June 25.
When that happens, it signals a possible bull rally.
Source: Glassnode
AMBCrypto’s review of CryptoQuant facts also pointed to quite a few bullish metrics. For example, BTC’s Relative Strength Index (RSI) was in an oversold position. This could increase buying pressure and in turn push up its price.
The other bullish metrics were active addresses and number of transactions, as both increased over the past 24 hours.
Source: CryptoQuant
Read Bitcoins [BTC] Price prediction 2024-25
We then planned to look at Bitcoin’s daily chart to better understand whether it was about to start a bull rally. We found that the price of BTC started to recover after reaching the lower limit of the Bollinger Bands. This often results in bull rallies.
The MACD also showed the possibility of a bullish crossover in the coming days. However, the Chaikin Money Flow (CMF) remained bearish and was well below the neutral line.
Source: TradingView