- Bitcoin’s price has increased by over 12% in the last seven days.
Metrics suggested that BTC might turn bearish even before retesting its ATH.
As a seasoned researcher with extensive experience in the crypto market, I have witnessed Bitcoin’s [BTC] volatility firsthand. The recent surge in its price, which has seen it cross the psychological resistance of $60k and reach towards its all-time high, is an exciting development. However, my analysis reveals that there are some challenges ahead for BTC as it approaches this critical milestone.
Bitcoin’s price has now surpassed the significant threshold of $60,000, indicating a potential revival. A revisit of its record-breaking peak may be imminent in the near future based on this uptrend.
After reaching its all-time high (ATH), the coin’s advance could be halted due to a significant increase in liquidations.
Bitcoin to retest its ATH?
According to CoinMarketCap’s latest findings, Bitcoin experienced a substantial price growth of approximately 12% over the last week.
As an analyst, I’ve observed that in just the past 24 hours, the value of the coin has experienced a significant surge, rising by more than 4%. Currently, Bitcoin is being transacted at a price of $62,543.73, and its market capitalization now exceeds an impressive figure of over $1.23 trillion.
In the meantime, well-known cryptocurrency expert Ali made a noteworthy announcement on Twitter. According to his post, a significant event would occur if Bitcoin’s price reached $72,300 – approximately $5.6 billion in short positions would be forced to be closed.
The price reaching $72.3k for Bitcoin indicated a strong likelihood of a subsequent price adjustment or decline.
As a researcher studying Bitcoin markets, I have observed that when liquidation levels rise, there is often a short-term correction in price. Consequently, investors may notice a slowdown or even a steep decline in Bitcoin’s value following its retest of the all-time high within the upcoming weeks.
BTC’s road to $72k
Due to the possibility of Bitcoin experiencing a price adjustment around $72,000, AMBCrypto intended to examine their metrics carefully to identify any potential obstacles that could prevent BTC from reaching that level.
According to AMBCrypto’s interpretation of the data from CryptoQuant, there has been a rise in the amount of Bitcoin held on exchanges. This surge in supply on trading platforms could indicate an uptick in the urge to sell among Bitcoin holders.
The as-is Aorp (Assets under Management – Shares Outstanding Ratio of Profit) being red signifies that more shareholders were cashing in their profits. Amidst a thriving bull market, this could potentially hint towards the market peak.
As an analyst, I’ve discovered that the investors’ Neuro-Linguistic Programming (NLP) indicates they are in a believing stage, meaning they are actively holding onto significant unrealized gains.
At the current moment, Bitcoin’s fear and greed index registered at 69%. This figure implies that the crypto market is experiencing “fear,” potentially signaling an upcoming price adjustment.
The Rainbow Chart for Bitcoin indicated a purchase opportunity. Based on this indicator, Bitcoin was considered to be in the “buy” zone, implying that investors had time left to acquire more Bitcoin before potential price peaks.
After that, we intended to examine the daily graph of the coin to gain a clearer perspective on whether a correction might occur prior to its continuation toward $72k.
Read Bitcoin (BTC) Price Prediction 2024-25
We found that the Chaikin Money Flow (CMF) registered a decline, hinting at a price correction.
Despite this, the Relative Strength Index (RSI) continued to indicate a bullish trend as it advanced northward past the neutral threshold.
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2024-07-15 12:20