Is Bitcoin in danger of falling to $66K?

price registered a sharp uptick, causing it to inch towards $70K at press time. However, there is a possibility of a slight correction before the start of another rally.BTC was up by nearly 2% in the last 24 hours.However, AMBCrypto’s analysis also revealed that there were chances of BTC witnessing a price correction in the short term.Notably, BTC’s Network Value to Transactions ratio registered a sharp uptick in the last few days.

For the uninitiated, the NVT ratio is computed by dividing the market cap by the transferred on-chain volume, measured in USD. Whenever it rises, it suggests that the cryptocurrency in question is priced at a premium, hinting at a possible correction.pointed out that BTC’s aSORP was in the red at press time, meaning that more investors are selling at a profit.Its Binary CDD was also showing bearish signals, as long-term holders’ movements in the last seven days were higher than average. So, if more long-term holders are selling, it could harm BTC exponentially.

If a price correction happens, BTC might witness strong short-term support near the $66k-$65k mark. Notably, the MACD displayed that the bulls and the bears were in a battle at the time of writing. The coin’s 4-hour chart also pointed out that its Relative Strength Index was about to enter the overbought zone. If that happens, selling pressure might increase, and BTC’s value could touch its support.Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space.

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