Bitcoin However, investors must not lose hope, as BTC seemed to be following a historical price trend in the buildup to the halving.
As per the analysis, Bitcoin first entered the pre-halving rally phase. During that phase, BTC managed to reach an all-time high a few days ago. Two more bearish indicators were its SOPR and Binary CDD, as both of them were red, hinting at high selling pressure.To check how much the coin might fall, AMBCrypto then took a look at its liquidation heatmap. As per our analysis, BTC has strong support near the $64,000 mark.
Nonetheless, the Money Flow Index registered an uptick. As per the Bollinger Bands, BTC’s price was in a less volatile zone, which might prevent the coin’s value from dropping further.Though BTC’s price might witness yet another price correction, things in the long term looked bullish.
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