bullish

Future

Bitcoin

Hoard

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin is nearing $70k, with investors accumulating substantial amounts of BTC. </li> 
 <li>Despite the bullish trend, several indicators suggest a possible price correction. </li> 
</ul>  
<p>Bitcoin’s price is showing bullish momentum, inching closer to the $70k mark. Investors are accumulating Bitcoin, as indicated by recent data. However, the question remains whether Bitcoin’s price will continue to increase or if a price correction is imminent. </p> 
<h2 id="accumulation-of-bitcoin">Accumulation of Bitcoin</h2> 
<p>Data from CoinMarketCap indicates a 3% increase in Bitcoin’s price last week, with a similar surge observed in the past 24 hours. At the time of writing, Bitcoin was trading at $69,535.15, boasting a market capitalization of over $1.37 trillion. </p> 
<p>Crypto analyst Ali tweeted about an interesting development, stating that Bitcoin’s accumulation trend score hit 1. This score indicates the relative size of entities actively accumulating coins on-chain in terms of their Bitcoin holdings. A score closer to 1 suggests high buying pressure. </p> 
<h2 id="bitcoin-s-future-growth">Bitcoin’s Future Growth</h2> 
<p>With a dominant buying sentiment in the market, there’s speculation about whether Bitcoin’s bull rally will continue. According to CryptoQuant’s data, Bitcoin’s binary CDD was green, suggesting that long-term holders’ movement in the last 7 days was lower than average, indicating a motive to hold their coins. </p> 
<p>However, the aSORP turned red, suggesting more investors were selling at a profit. In a bull market, this could indicate a market top. Furthermore, a substantial amount of Bitcoin could get liquidated if Bitcoin touches $70k. Increased liquidation often signals a price correction possibility. </p> 
<p>Therefore, Bitcoin might witness a price correction near $70k, potentially causing a drop to $66k. Technical indicators like the MACD and the Relative Strength Index (RSI) also suggest a possible price correction. The MACD indicates chances of a bearish crossover, while the RSI is nearing the overbought zone, which could increase selling pressure and potentially end Bitcoin’s bull rally. </p>

Bitcoin Enthusiasts Hoard Coins: Prelude to a Potential BTC Bull Market?

Table of Contents

CoinEagle.com

Other articles published on Jul 29, 2024

Musk Shares Edited Kamala Harris Video; Sparking AI Concerns

Solana Price Forecast: Can Bulls Breach Yearly High as Layer 1s Dominate Crypto Volume?

Donald Trump’s promises at the Bitcoin Conference might be pipe dreams

BTC, ETH and XRP Prediction for July 29

The Boys Club (TBC) Is Now Available for Trading on LBank Exchange

BlackRock Warns of Fake Investment Offers and Scams

Join our free newsletter for daily crypto updates!