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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-rises-despite-price-correction" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Rises Despite Price Correction</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/crypto-capo-shares-latest-analysis-and-predictions-for-bitcoin-and-altcoins" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) has managed to sustain its upward momentum despite a recent price correction, according to various on-chain metrics. Earlier this month, Bitcoin neared an all-time high of $74,000 but soon faced intense selling pressure, resulting in a 10% drop from its June peak. By June 14, the price of BTC had dipped an additional 1.26%, falling below $66,000.</p>
<h2 id="what-do-on-chain-metrics-reveal">What Do On-Chain Metrics Reveal?</h2>
<p style="text-align: justify">Despite a 5% dip in the second quarter of 2024 due to significant selling pressure, several on-chain metrics suggest that Bitcoin’s <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">bull market</a> is far from over. The downturn followed a capitulation among Bitcoin miners triggered by April’s block reward halving. Contrary to some investors’ fears of the bull run ending, these metrics provide a more optimistic outlook.</p>
<p style="text-align: justify">One key indicator, the Bitcoin Price Rainbow Chart, a long-term valuation tool using a logarithmic growth curve, suggests that now remains a favorable time to invest in BTC. The chart forecasts potential price directions and indicates that current values still represent a valuable investment opportunity.</p>
<h2 id="why-is-bitcoin-s-rsi-important">Why is Bitcoin’s RSI Important?</h2>
<p style="text-align: justify">Another critical metric is the Relative Strength Index (RSI), currently standing at 69.9. An RSI above 70 signifies an overvalued asset, while an RSI below 30 denotes undervaluation. The present RSI reading indicates that Bitcoin’s price has not yet reached its peak, leaving room for further growth.</p>
<h2 id="key-takeaways-for-investors">Key Takeaways for Investors</h2>
<p style="text-align: justify"><strong>Investor Insights</strong></p>
<ul>
 <li>The 200-Week Moving Average heatmap shows Bitcoin is still in the blue zone, suggesting it’s a good time to hold or buy more BTC.</li>
 <li>The Cumulative Value Days Destroyed (CVDD) indicates that Bitcoin is undervalued, providing a compelling buying opportunity.</li>
 <li>The Bitcoin 2-Year Multiplier shows BTC trading between red and green lines, implying potential for further price increases until the red line is hit.</li>
</ul>
<p style="text-align: justify">In recent days, Bitcoin whales have offloaded 50,000 BTC, worth around $3 billion. Crypto analyst Ali Martinez emphasized that Bitcoin must soon surpass $66,254 to avoid a potential decline to $61,000. Additionally, CryptQuant CEO Ki Young Ju noted that the average entry price for Bitcoin investors sits at approximately $47,000. In bull markets, Bitcoin’s price typically remains above this threshold, suggesting the upward trend is likely to persist even with a 27% drop. However, Ju cautioned against excessive risk, advising long-term optimism.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-rises-despite-price-correction" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Rises Despite Price Correction</a></h5>

Bitcoin Rises Despite Price Correction

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