Bitcoin, again, went on a steep downtrend on 18 August after seeing steady uptick following its massive decline in June. In fact, for a brief while, the king coin also managed to cross the $24,000-mark, which gave hope to investors for a further surge before moving south.at $21,119.65 with a market capitalization of $403,966,011,914. However, before panic selling, investors might look at some metrics. Especially since some data sets might suggest this is a good time to accumulate BTC.
The crossover in question began last week after the green line gained enough momentum to overtake the blue line.expandedthe possibility of BTC falling by a further 30%. In light of what the Hash Ribbon tells us, it’s worth looking atConsider this – Bitcoin depreciated by 15% over the last seven days. On the contrary, a massive spike in volume was noted, indicating liquidations.
All these datasets complement Ghoddusifar’s assessment of a further drop in price. Therefore, investors should think twice before making a sell call as the metrics do seem to suggest a good buying market.hile most data points indicated a bear market, a closer look at some indicators implied the opposite. A bullish crossover happened on the MACD and that might lead to a price uptick in the next few days.
Moreover, the RSI also highlighted some bullish movement as it bounced back from the oversold zone and was moving towards the neutral zone.Subscribe to get it daily in your inbox.