Bitcoin (BTC• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin)
Price Faces Tough
Road to $
70,000,
Key Indicators
Reveal
Despite Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin’s (BTC) price increase in the last 24 hours, key market
indicators are flashing caution, suggesting that the coin may face significant
hurdles in reaching the $70,000 mark. This development is contrary to the
expectations investors have about the coin this month.
Though Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin’s price has surpassed the $63,000 level again, this analysis
discloses the reasons why investors should take these warning signs seriously.
On-Chain Metrics Flash Warning Signs for Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin
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One key metric supporting a Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin price retracement is the Network Value to
Transactions (NVT) ratio. The NVT ratio shows if the market cap is growing
faster than a cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта’s transaction volume.
When the NVT ratio decreases, transaction volume is growing higher than the
market cap. In most cases, this is bullish for the price. On the other hand, a
rising NVTV ratio indicates that the Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin network is overhead as the market
cap outpaces the volume.
As of this writing, Glassnode data shows that the ratio has increased
recently. This suggests potential overvaluation, indicating a possible
short-term Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin price correction .
Read more: 5 Best Platforms To Buy Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Mining Stocks After 2024 Halving
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Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin NVT Ratio. Source: Glassnode
This outlook is enhanced by the Short-Term Holder-Spent Output Profit Ratio
(STH-SOPR). This metric measures the behavior of short-term investors,
indicating whether they are selling at a profit or a loss.
When the STH-SOPR is below 1, investors are selling at a loss. On the other
hand, when the metric is below 1, investors are selling at a profit. However,
as of this writing, the ratio is exactly 1, suggesting that the volume sold at
a loss and in profit matched one another.
Considering the impact on Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin’s price, this development implies that the
coin could keep swinging sideways. However, a potential Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin rally toward
$70,000 could be implausible. Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Short-Term Holder SOPR. Source:
CryptoQuant
BTC Price Prediction: Coin Could Go Below $60,000
On the daily chart, Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin’s price is currently $62,856, an increase from 24
hours ago. However, the Money Flow Index (MFI) shows that capital flowing into
the cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта has decreased.
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The MFI is a technical indicator that uses price and volume to check the level
of buying and selling pressure in the market. When the MFI increases, more
liquidity is flowing, and the price can increase.
Since the indicator’s reading dropped, it implies that investors are cashing
out on recent gains, which could halt the price increase. If this remains the
same, BTC’s price might decrease to $59,978.
Read more: 7 Best Crypto Exchanges in the USA• Соединённые Штаты Америки (США) for Bitcoin (BTC• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin) Trading
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Daily Price Analysis. Source: TradingView
However, if investors stop distributing and start accumulating in large
numbers, the coin might appreciate toward $66,527 and eventually $70,000.
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Disclaimer
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