Bitcoin (BTC) continues to trade below the $70,000 level for days. Recent inflation data before the FED interest rate decision had pushed the price up to $69,900, but this was not enough for the price to surpass $70,000. The cryptocurrency market fully declined after the FED interest rate decision. During this period, some large investors in the cryptocurrency market chose to abandon their investments. This could significantly impact the savings preferences of small investors.
Bitcoin Sales Increased
Since June 10, BTC’s inability to rise above the $70,000 level has caused significant anxiety among cryptocurrency investors. The correction in BTC after the FED’s interest rate decision pushed the price down to $65,000, but a recovery followed.
As of the time of writing, BTC is trading at $66,100 after a 0.5% increase in the last 24 hours. While BTC’s market cap remains above $1.3 trillion, its trading volume has dropped to $14 billion after a 48% decrease.
On the other hand, data provided by Coinglass also showed that whales were abandoning their long positions, with a noticeable decline in BTC’s long/short ratio.
BTC’s RSI value also revealed an important outlook. BTC’s RSI was below the neutral 50 at 42.19, indicating that sellers were still dominant over buyers.
Will BTC Price Rise?
Considering the above data, it would not be wrong to say that uncertainties continue on the BTC side. In this context, Santiment data may also play an important role in the process.
According to Santiment data, buying pressure on BTC is increasing, and there are opinions that this could be a signal for a rise in the market. Supporting this, supply on cryptocurrency exchanges is decreasing, and this supply is increasingly flowing out of exchanges.
Glassnode data also shows a decline in BTC’s NVT ratio. Historically, a decline in this metric has generally been reflected in a price increase in the market.
On the other hand, BTC’s price is seen to be very close to the lower boundary of the Bollinger Bands, closely monitored by cryptocurrency analysts and investors, which is generally interpreted as a bullish outlook. However, this situation does not provide certainty.
Contrary to the BB, the MACD indicator showed negative data indicating further price decline.
