- BTC is down more than 1% over the past seven days.
- The market indicators remained bearish on the king coin.
Bitcoins [BTC] The price has moved sideways in the recent past as no profits were made. While that was happening, a new analysis pointed to a metric that could put BTC’s value in trouble in the coming days.
These data sets look bearish on Bitcoin
As we enter 2024, BTC price action remains sluggish. According to CoinMarketCapBTC has fallen by more than 1.7% over the past seven days. The daily chart also remained red.
At the time of writing, BTC was trading at $42,653.65 with a market cap of over $835 billion. Trading volume also fell during that period, meaning investors are reluctant to trade the coin.
While this was happening, BlitzzTrading, an analyst and author at CryptoQuant, posted analysis regarding an important BTC metric.
The analysis talked about Bitcoin’s Coinbase Premium, an indicator that displays the prices of crypto assets on Coinbase, a cryptocurrency exchange.
Source: CryptoQuant
The index calculates the prices of specific crypto assets on the Coinbase exchange, usually by comparing them to prices on other exchanges.
Bitcoin’s Coinbase premium started entering the negative zone in the recent past. Historically, whenever such incidents occurred, BTC experienced price corrections.
That’s why AMBCrypto planned to take a closer look BTCIt’s time to understand whether a price correction is inevitable.
According to our analysis of CryptoQuant’s factsSelling pressure on BTC was high as the exchange rate reserve increased.
The aSORP was red, meaning more investors were selling BTC for a profit. This usually indicates a market top.
Furthermore, derivatives investors continued to buy BTC while price action remained sluggish, increasing the likelihood of a continuation of the trend.
Source: CryptoQuant
What to expect from Bitcoin in 2024
With most metrics looking bearish, AMBCrypto checked BTC liquidation levels. We found that after a price pump, BTC witnessed high sell-off around $43,800.
The liquidation caused a price correction, causing BTC to fall below $43,000 and making a sideways move over the past seven days.
Source: Hyblock Capital
Read Bitcoins [BTC] Price prediction 2023-24
BTC’s MACD showed that the bears are leading the market. The Bollinger Bands revealed that BTCThe company’s share price hit a sticking point at the time of writing, indicating a greater likelihood of an unprecedented price increase in the near future.
Nevertheless, BTC’s Relative Strength Index (RSI) remained bullish as it recorded a slight increase from the neutral point.
Source: TradingView