- The price of Bitcoin has fallen by 2% over the past seven days
- Market indicators pointed to a few slow-moving days
Bitcoin [BTC] June started slowly as the coin’s price action remained bearish on the charts. However, the slow-moving price action may not be a bearish phenomenon as it could be the prelude to a massive rally in the coming days.
Bitcoin turns bullish?
Bitcoin’s price action has remained sluggish for quite some time now, which may have made several investors skeptical. In fact, according to CoinMarketCapBTC has lost 2% of its value in the past seven days. At the time of writing, BTC was trading at $67,735.81 with a market cap of over $1.33 trillion.
However, things can change quickly. Mags, a popular crypto analyst, recently shared one tweet to draw attention to an interesting development. According to him, after breaking above the last monthly resistance in March, BTC has now turned the level into support. In recent months, the price has moved sideways above the previous ATH.
During an upward market trend, it is normal for the price to move sideways before a big move. In 2023, from March to September, the price remained stable for seven months before breaking out and rising 178% on the charts.
According to the analyst
“So even though it may seem boring, this kind of sideways movement usually precedes a huge movement. If we see a similar 178% upside on the current breakout, we’re looking at $188.00.”
Is there any evidence here?
Since the aforementioned analysis predicted BTC to reach $188,000, AMBCrypto then analyzed the stats of the king of cryptos to better understand whether it is all set to test its ATH in the coming days. We found that BTC net deposits on the exchanges were high at the time of writing, compared to the average of the past seven days.
This suggested that selling pressure on the currency was high. Moreover, the aSORP was also in the red, which means that more investors sold at a profit. In the middle of a bull market, this could indicate a market top.
Nevertheless, Bitcoin’s binary CDD revealed that long-term holders’ moves over the past seven days were lower than average. They have a motive to hold on to their coins.
Source: CryptoQuant
AMBCrypto then analyzed BTC’s daily chart to better understand whether it could test its ATH soon.
Read Bitcoin (BTC) price prediction 2024-25
According to our analysis, the MACD showed a bearish crossover. The Relative Strength Index (RSI) also moved sideways, indicating another few slow-moving days.
However, BTC continued to trade above its support at $66.9k, indicating a possible price increase in the coming days.
Source: TradingView