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The leading cryptocurrency Bitcoin (BTC) once again approaches $70,000, sparking investor curiosity. However, an important indicator suggests a potential price drop, delaying BTC’s recovery.
Expert Analyst’s View on BTC
CoinMarketCap’s data reveals Bitcoin’s price increased by over 5% in the last seven days. At the time of writing, the leading cryptocurrency trades at $69,420.39, with a market cap exceeding $1.37 trillion. This upward trend has given investors hope that BTC will reach $70,000 again.
However, a popular crypto analyst named Ali recently shared a tweet suggesting otherwise. He pointed to a sell signal indicated by the TD sequential indicator. Since February, each time the indicator has signaled buy/sell, BTC’s price has witnessed significant movements.
Current Data on Bitcoin
According to our analysis of CryptoQuant’s data, as exchange reserves rise, so does the selling pressure on BTC. The exchange net position change was high compared to the seven-day average, signaling a potential sell-off. Additionally, BTC’s aSORP is red, indicating more investors are selling at a profit. This could suggest the market is peaking in the midst of a bull market.
ULP indicates that investors are in a phase of holding unrealized profits. Another bearish metric is the fear and greed index, which shows the market is in an “extreme greed” position. When the metric reaches this level, the likelihood of a price correction increases. Recent analyses show BTC’s money flow index (MFI) recorded a sharp decline. The relative strength index (RSI) also moved sideways in recent days. Moreover, the Chaikin money flow (CMF) moved upward, indicating BTC might witness a correction before reaching $70,000 again. However, the MACD continues to show upward dominance, favoring buyers.
