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Leading cryptocurrency Bitcoin (BTC) once again approaches $70,000, keeping investors in suspense. However, an important indicator pointing to a price drop in the coming days suggests that BTC may take some time to recover.
Expert Analyst Commentary on BTC
CoinMarketCap’s data reveals that Bitcoin’s price has increased by more than 5% in the last seven days. At the time of writing, the leading cryptocurrency is trading at $69,420.39, with a market cap exceeding $1.37 trillion. The upward trend has given investors hope that BTC will once again reach $70,000.
However, a popular cryptocurrency analyst named Ali recently shared a tweet suggesting otherwise. He mentioned the TD sequential indicator, which pointed to a sell signal indicating a potential price drop. Since February, every 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, the selling pressure on BTC also increases. The exchange net position was high compared to the seven-day average, signaling a potential sell-off. Additionally, BTC’s aSORP is red, indicating that more investors might be selling at a profit. In the midst of a bull market, this could suggest that the market has peaked.
The ULP indicated that investors are in a phase of holding unrealized profits. Another bearish metric was the fear and greed index, which showed the market in an “extreme greed” position. When the metric reaches this level, the likelihood of a price correction increases. Recent analyses show that BTC’s money flow index (MFI) has sharply declined. The relative strength index (RSI) has also moved sideways in the past few days. Moreover, the Chaikin money flow (CMF) moved upwards, indicating that BTC might witness a correction before reaching $70,000 again. However, the MACD continues to show upward dominance in the market, favoring buyers.
