Is Bitcoin set to rise? Insights from key levels

  • The percentage of Bitcoin recipients buying and selling has increased by more than one.
  • BTC remained in the $66,000 price range.

In the past few days, the price of Bitcoin has been rising [BTC] It declined, hitting new lows every day. Despite the apparent decline, one measure suggests that the price could rise soon.

Bitcoin takers and sellers

AMBCrypto Analysis of Bitcoin Taker Buy Sell Ratio on Cryptoquant It has shown a positive trend recently.

The chart indicated that at the end of trading on June 15, the ratio was trending below one, indicating bearish sentiment.

However, the metric has risen as of the previous trading session.

Further analysis revealed that it rose above one on some exchanges, indicating a shift towards bullish sentiment as more buy orders are executed compared to sell orders.

Bitcoin trader buying and selling ratio

Source: Cryptoquant

As of this writing, the percentage of BTC recipients buying and selling has exceeded one level. This indicates that buying pressures were exceeding selling pressures on most exchanges.

This shift indicates that market sentiment is becoming more positive, and this could lead to a potential increase in Bitcoin prices soon.

Inflows are dominant, but there is a problem

Bitcoin’s Exchange Netflow has shown that it has been positive over the past few days. This indicates that more Bitcoin is being sent to exchanges than being withdrawn from them.

While this may initially appear to be a bearish signal, further analysis revealed that inflow is still relatively low compared to outflow in the past few weeks.

Bitcoin exchange flow

Source: Cryptoquant

Despite the recent increase in sending Bitcoin to exchanges, the overall trend of accumulation and withdrawal to private wallets remains strong, which may support the bullish outlook for Bitcoin.

See also  The richest person in Illinois revealed by Forbes - NBC Chicago

Bitcoin is still bearish

AMBCrypto’s analysis of Bitcoin on the daily time frame showed a general decline in the past few days, with not enough minor uptrends to stabilize.

As of this writing, BTC is trading at around $66,360 despite the slight uptrend.

Bitcoin price trend

Source: Trading View

Read Bitcoin [BTC] Price forecasts 2024-25

In addition, Bitcoin’s support is now tense, as the price was highly dependent on it. The latest support range is around $65,000, and Bitcoin is still trading above this level at the moment.

Moreover, the Relative Strength Index (RSI) remained below the neutral line. As of this writing, the RSI is around 45, indicating that Bitcoin is in a downtrend.

Leave a Reply

Your email address will not be published. Required fields are marked *