- Bitcoin’s price fell just below the $70,000 mark.
- Statistics suggest that BTC will witness a further price correction.
Bitcoins [BTC] The value has been in somewhat of a consolidation phase around $70,000 for several days. If the latest analysis is to be believed, investors may not see an unprecedented price increase in the short term.
Therefore, AMBCrypto planned to check BTC’s statistics to see what to expect from it in the coming week.
Bitcoin has trouble ahead
According to CoinMarketCapthe value of BTC fell just below the $70,000 mark. The value of the token has fallen marginally over the past 24 hours. At the time of writing, it was trading at $69,973.35 with a market cap of over $1.38 billion.
However, it was interesting to note that despite the recent decline, more than 97% of BTC holders made profits. Additionally, according to IntoTheBlock’s factsthe BTC market was still bullish.
In the meantime, Michael van de Poppe, a popular crypto analyst, posted one tweet highlighting the current state of Bitcoin. According to the tweet, the chances of BTC reaching $100,000 anytime soon were slim as we were still following the path of the four-year cycle.
Furthermore, the tweet mentioned that BTC’s consolidation between $60,000 and its ATH was likely to happen.
Will the price of BTC drop further next week?
AMBCrypto checked BTC’s stats to find out if BTC will remain less volatile in the coming week. Our analysis of Hyblock Capital’s data also revealed a similar scenario to the above analysis.
We found that BTC liquidation will rise sharply north to $72,000. High liquidity can provide strong resistance for the king of cryptos and prevent its price from rising.
Likewise, BTC’s support southwards is around $69,000. If it fails to test that support, BTC’s price might as well reach $63,000.
Source: Glassnode
An analysis of Glassnode’s data showed that BTC’s Network-to-Value (NVT) ratio has increased in recent days. Whenever the measure rises, it indicates that an asset is overvalued, indicating that the likelihood of a price correction is high.
Source: Glassnode
To check whether a price correction is inevitable next week, AMBCrypto looked at the daily chart. We found that BTC’s Relative Strength Index (RSI) was following a sideways path.
Read Bitcoins [BTC] Price prediction 2024-25
Moreover, the Chaikin Money Flow (CMF) also followed a similar route. The indicators, combined with other measures, painted a bearish picture.
Therefore, the chances of BTC reaching its support level were high. However, given the unpredictability of the crypto market, nothing can be said with the greatest certainty.
Source: TradingView