- Bitcoin has risen by more than 4% in the past 24 hours.
- A few technical indicators and metrics looked bearish.
Bitcoin [BTC] regained its bullish momentum over the past few hours as the value of the king coin crossed the $70,000 mark after falling below $66,000.
In the meantime, BTC’s long-term investors managed to make some profits during the last price pump.
Bitcoin reaches $70,000
According to CoinMarketCapBTC has risen 3% over the past seven days. In fact, the value is up more than 4% in the last 24 hours.
At the time of writing, BTC was trading at $70,310.91 with a market cap of over $1.38 trillion.
As the price of the coin rose, SimonaD, an author and analyst at CryptoQuant, posted analysis emphasizing the long-term actions of investors.
According to the analysis, the Long-Term Holder Spent Output Profit Ratio is a crucial metric used in analyzing market trends and investor behavior, especially among long-term investors.
The analysis chart showed that Bitcoin long-term holder SOPR (EMA 144) had more highs since early March.
This means that investors took some profits along the way as the price reached new highs.
Source: CryptoQuat
In fact, according to the latest data, long-term investors remained more active. AMBCrypto’s analysis of CryptoQuant facts revealed that BTC’s binary CDD was red.
This meant that long-term bond movements over the past seven days were higher than average. If they are moved for the purpose of sale, this could have a negative effect.
Furthermore, selling sentiment in general seemed to dominate the market as the net deposit of BTC on the exchanges was high compared to the average of the past seven days, which could soon lead to a price correction.
Source: CryptoQuant
Which way is BTC heading?
AMBCrypto’s analysis of Hyblock Capital’s data indicated that a significant amount of BTC could be liquidated when its value reaches the $71,750 mark.
Since liquidation will rise, that level could be a resistance for BTC, which could cause a price drop in the short term.
Source: Hyblock Capital
To better understand which way BTC was heading, AMBCrypto next checked its daily chart. According to our analysis, the price of BTC moved above the 20-day SMA, as represented by the Bollinger Bands.
Read Bitcoins [BTC] Price prediction 2024-25
The technical indicator MACD also showed the possibility of a bullish crossover in the coming days.
These indicators suggested that BTC was gearing up for another bull rally. Nevertheless, BTC’s growth momentum could be waning as the Money Flow Index (MFI) moved sideways in recent days.
Source: TradingView