- The price of Bitcoin fell by more than 2% last week.
- A key indicator pointed out that BTC was close to reaching a market bottom.
Bitcoin [BTC] The bears stayed ahead of the bulls last week as the price of the king of cryptos registered a decline. However, taking into account the most recent data, the path for BTC’s future may not see many breakthroughs.
Let’s take a closer look at the state of BTC to see what the week ahead could hold.
Bitcoin bears can take a break
CoinMarketCaps facts revealed that the price of BTC had fallen by more than 2% in the past seven days. The coin’s price turned bullish days after recovering $70,000 on May 24.
At the time of writing, Bitcoin was trading at $67,674.15 with a market cap of over $1.33 trillion.
Yet the coming days may look different. Milkybull, a popular crypto analyst, recently posted tweet to draw attention to an interesting development.
According to the tweet, nothing looks bearish from a short-term perspective, but momentum is gathering for the next move.
This was the case when BTC continued to trade above its crucial support at $66,000. Moreover, the thirteenth consecutive positive ETF inflows were an additional benefit for the bulls.
AMBCrypto’s analysis of CryptoQuant facts revealed that BTC’s binary CDD was green. This meant that long-term holders’ movements over the past seven days were lower than average. However, the rest of the metrics looked quite bearish.
For example, the net deposit of BTC on the exchanges was higher compared to the average of the last seven days. The aSORP was also red, meaning more investors are selling at a profit. In the middle of a bull market, this could indicate a market top.
Source: CryptoQuant
Is there a bull rally around the corner?
Apart from this, BTCs fear and greed index had a reading of 72 at the time of writing, meaning the market was in a ‘greed’ phase. When the benchmark reaches that level, the changes from a price correction are large.
However, Glassnode’s data pointed to an indicator that pointed to a price pump.
BTC’s Pi Cycle Top indicator revealed that BTC’s price was about to touch the 111-day moving average (MA). Therefore, the chances of a recovery are high after BTC reaches that support level, indicating a market bottom.
Source: Glassnode
Read Bitcoin (BTC) price prediction 2024-25
The possibility of BTC reaching its support level seemed high as the currency’s Money Flow Index (MFI) recorded a sharp decline. The king of cryptos’ Chaikin Money Flow (CMF) also followed a similar downward trend.
These indicators suggest that BTC could fall a bit further before making a comeback in the coming days.
Source: TradingView