- The price of Bitcoin has risen by more than 4% in the past seven days.
- Indicators suggested that BTC could soon reach $87,000.
Bitcoin [BTC] Bulls were working hard this week as the price of the king of cryptos crossed $70,000. This sparked excitement in the community and some expected the price of the coin to rise further.
However, a sell signal flashed on BTC’s chart, which could have impacted the price.
Bitcoin owns over $70,000
CoinMarketCaps facts revealed that BTC gained bullish momentum on June 3 as its value began to rise. The price of the coin has risen by more than 4% in the past seven days.
At the time of writing, BTC was trading at $71,091.06 with a market cap of over $1.4 trillion.
In the meantime, Ali, a popular crypto analyst, posted tweet emphasize a sell signal. This indicated a price drop.
However, the signal did not have much impact on Bitcoin’s price action as the coin continued to trade above $71,000.
AMBCrypto’s analysis of CryptoQuant facts revealed that investors weren’t selling BTC either. The currency’s exchange reserve fell, which was a sign of high buying pressure.
Moreover, buying sentiment among US investors remained dominant as BTC’s Coinbase premium was green.
Source: CryptoQuant
Will BTC Continue to Rise?
AMBCrypto’s analysis of Glassnode’s data revealed that BTC could continue its bull rally. According to the coin’s Pi Cycle Top indicator, BTC had yet to reach its market top.
This meant that the price of BTC could continue to rise to $87,000 before experiencing a major price correction.
To start, the Pi Cycle indicator consists of the 111-day moving average and a 2x multiple of the 350-day moving average of Bitcoin’s price.
Source: Glassnode
BTC’s binary CDD was green, meaning long-term holders’ moves over the past seven days were lower than average. They have a motive to hold on to their coins.
Moreover, the financing rate has also increased. This meant that long position traders are dominant and willing to pay short position traders. These statistics suggested that the chances of BTC continuing to rise were high.
AMBCrypto then analyzed BTC’s daily chart to better understand which direction the price was heading. The technical indicator MACD showed a bullish crossover.
Read Bitcoins [BTC] Price prediction 2024-2025
Moreover, BTC’s Relative Strength Index (RSI) remained well above the neutral line, indicating further price appreciation in the coming days.
While the above-mentioned indicators supported the bulls, BTC’s Chaikin Money Flow (CMF) favored the bears. This seemed to be the case as the indicator recorded a decline in the recent past.
Source: TradingView