- The value of Bitcoin has fallen by more than 4% in the past seven days.
- The market indicators remained bearish on BTC.
Bitcoins [BTC] The performance over the past seven days has been disappointing as the price fell below the $65,000 mark. The price corrections led to fear among investors. However, this trend could end soon as historical trends point to a possible market bottom.
Bitcoin reaches a market bottom
CoinMarketCaps facts revealed that BTC has fallen by almost 4.5% over the past seven days. In the last 24 hours alone, the price of the king of cryptos fell by more than 2%.
At the time of writing, Bitcoin was trading at $63,931.44 with a market cap of over $1.26 trillion.
Meanwhile, Santiment recently posted a tweet to draw attention to an interesting development. According to the tweet, the market was mostly fearful or uninterested in Bitcoin as prices ranged from $65,000 to $66,000.
The tweet stated: “This extended level of FUD is rare as traders continue to capitulate. BTC trader fatigue, combined with whale accumulation, generally leads to bounces that reward the patient.”
To see if Bitcoin had actually hit the market low, AMBCrypto analyzed Glassnode data.
The Pi Cycle Top indicator indicated that the price of BTC had fallen from the perceived market bottom of $66.5k. This clearly indicated a price increase in the coming days.
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.
If things turn bullish going forward, BTC might as well reach its market top of $91,000 in the coming weeks or months.
Source: Glassnode
Looking forward
Like the data mentioned above, some other metrics also seemed bullish. For example, at the time of writing, BTCs fear and greed index had a value of 37%, meaning the market was in a “fear phase”.
When the measure reaches this level, it indicates that the likelihood of a bull rally is high.
However, AMBCrypto’s look at CryptoQuant’s data revealed a few bearish metrics. Thus, BTC’s foreign exchange reserve increased.
Net deposits on the exchanges were high compared to the average of the past seven days, meaning selling pressure on Bitcoin was high.
Source: CryptoQuant
Read Bitcoins [BTC] Price prediction 2024-25
Next, we planned to look at BTC’s daily chart to better understand whether the bulls were preparing for a rally. We found that most indicators were bearish.
The MACD showed a clear bearish upper hand on the market. The Relative Strength Index (RSI) registered a decline. BTC’s Chaikin Money Flow (CMF) also followed a similar downward trend, indicating a continued price decline.
Source: TradingView