- BTC is up almost 10% in the past seven days.
- Buying pressure was high and indicators also looked bullish.
Bitcoin [BTC] has finally gained some upward momentum as its value rose above the $47,000 mark. This sparked excitement in the community as investors expected the king coin to reach new highs. In the midst of this, a key BTC indicator marked a buy signal, indicating that investors should consider accumulating.
A look at Bitcoin’s weekly journey
Bitcoin managed to turn bullish again as it turned its weekly and daily charts green. According to CoinMarketCapBTC has risen by more than 9.5% in the past seven days.
In the last 24 hours alone, its value has increased by more than 3%. At the time of writing, BTC was trading at $47,454.25 with a market cap of over $931 billion. Thanks to the price increase, the social volume of the coin increased, which means that its popularity has increased in the recent past.
Moreover, bullish sentiment around the coin has also increased recently, which was evident from the increase in weighted sentiment.
Source: Santiment
Meanwhile, Ali, a popular crypto analyst, recently posted a tweet highlighting an important BTC statistic. According to the tweet, the Super Trend just showed a buy signal on the Bitcoin monthly chart, a tool known for its precision in predicting BTC bull markets.
The Super Trend just gave a buy signal on the #Bitcoin monthly chart, a tool known for its precision in forecasting $BTC bull markets.
The four buy signals it has issued since then #BTC inception have all been validated, leading to gains of 169,172%, 9,900%, 3,680% and 828%,… pic.twitter.com/83GtqJNryW
— Ali (@ali_charts) February 8, 2024
Historically, since BTC’s inception, the indicator has provided four validated buy signals, resulting in gains of 169,172%, 9,900%, 3,680%, and 828% respectively.
That’s why AMBCrypo took a closer look at the state of BTC to understand whether investors have started accumulating more BTC.
Bitcoin accumulation is increasing again
Our analysis of Santiment’s data clearly showed that investors were actually buying BTC. Supply of the king of cryptos on exchanges fell last week, while off-exchange supply increased, indicating high buying pressure.
Outflows from the currency markets also increased, further demonstrating that buying pressure was high.
Source Santiment
Since buying pressure was high and Bitcoin price action was bullish, we next checked the daily shopping cart to see if the uptrend would continue. An analysis of BTC’s daily chart showed that BTC’s Chaikin Money Flow (CMF) rose sharply.
Read Bitcoins [BTC] Price prediction 2024-25
The MACD also showed a clear bullish advantage in the market. These indicators suggested that the possibility of a sustained price increase was high.
However, the Relative Strength Index (RSI) was about to enter overbought territory. This could increase selling pressure on Bitcoin, which could result in an end to the bullish price action.
Source: TradingView