Flow

Rally

bullish

Future

Bitcoin

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin’s recent recovery may be short-lived, with market indicators suggesting another price correction.</li> 
 <li>Despite a recent price increase, technical indicators hint at bearish market conditions for Bitcoin.</li> 
</ul>  
<p>Bitcoin’s price has shown signs of recovery recently, with positive weekly and daily charts. However, the cryptocurrency has experienced several price corrections in recent weeks, causing some disruption to its rally. </p> 
<p>The past week has seen some price increases, providing a slight advantage for investors. Yet, a recent report suggests that another correction may be on the horizon for Bitcoin. </p> 
<h2 id="bitcoin-s-struggling-rally">Bitcoin’s Struggling Rally</h2> 
<p>Bitcoin’s rally has been facing challenges, particularly in breaking the $66k mark. However, the last 24 hours have shown some improvement. According to CoinMarketCap, Bitcoin’s price rose by more than 1.5%, trading at $63,896.05 at the time of writing. </p> 
<p>This price increase has resulted in 48.9 million Bitcoin addresses being profitable, accounting for 91% of all Bitcoin addresses. However, the possibility of the rally ending remains. </p> 
<p>Ali, a well-known cryptocurrency analyst, noted that Bitcoin’s price was moving within a certain channel and had already faced rejection three times when nearing the pattern’s resistance. This suggests that the recent bullish momentum may not be sustainable. </p> 
<h2 id="future-predictions-for-bitcoin">Future Predictions for Bitcoin</h2> 
<p>An analysis of data from Glassnode indicates that Bitcoin’s NVT ratio has increased, suggesting that the asset may be overvalued and hinting at a potential price correction. Additionally, the long/short ratio has dropped, indicating a higher number of short positions in the market – a bearish signal. </p> 
<p>However, not all indicators are bearish. For instance, Bitcoin’s exchange reserve has been dropping according to CryptoQuant, suggesting that buying pressure is increasing, which often leads to price increases. </p> 
<p>Technical indicators on Bitcoin’s daily chart appear bearish. The MACD shows a bearish advantage, while the Chaikin Money Flow (CMF) indicates a potential price drop. If this occurs, Bitcoin could fall to $60k. However, if the price continues to rise, Bitcoin may test its resistance at $65.4k once more.</p>

Crucial Information for Bitcoin Holders as Rally Faces Uncertainty

Table of Contents

CoinEagle.com

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