- BTC price has fluctuated slightly in the past 24 hours.
- Market indicators were suggesting a few more slow days ahead.
Investors may have been worried over the past few days. Bitcoin's [BTC] Prices have been revised multiple times.
However, we should not lose hope as this is just another test phase and could end in another bull market rally.
What history suggests
Last week, we did not see much volatility in terms of BTC price changes as the value of the king of cryptocurrencies moved slightly. A similar trend was observed in the past 24 hours.
according to coin market capat the time of writing, BTC was trading at $64,796.66, with a market cap of over $1.27 trillion.
However, the coin's price could fluctuate over the next few days. Mustache, a popular cryptocurrency analyst, recently posted the following: Tweet He mentioned that BTC was in a “retest” phase.
Considering history, BTC could start a bullish rally soon as Bitcoin turned bullish in 2017 and 2020 when the price entered a similar pattern.
Therefore, AMBCrypto checked Bitcoin indicators to see if the coin could actually start a bull run.
Although the indicators look bearish
Despite the historic bullish pattern, Bitcoin’s on-chain indicators continued to look bearish. For example, SOPR was red according to CryptoQuant analysis. data.
This meant more investors sold at a profit. During a bull market, it can indicate a market ceiling.
Its Binary CDD has followed a similar trend, meaning that its long-term holders have performed better than average over the past 7 days. If moved for the purpose of selling, it may have negative effects.
Source: CryptoQuant
Nevertheless, other indicators tell a different story. At the time of writing, Bitcoin's foreign exchange reserves are decreasing, indicating that selling pressure on Bitcoin is low.
Furthermore, its funding rate and The taker-buy-sell ratio was green, suggesting that buying sentiment prevailed in the derivatives market.
Source: CryptoQuant
AMBCrypto then checked the BTC daily chart to see which direction the coin was heading.
read Bitcoin's [BTC] price prediction 2024-25
An analysis of TradingView charts suggests investors may be in for a few more slow days, with the Relative Strength Index (RSI) hovering around the neutral zone.
The Money Flow Index (MFI) is following a similar trend, indicating that price movements are likely to moderate.
Source: TradingView
