Bitcoin: History suggests BTC will be up and running again after…

However, they must not lose hope, as this might just be yet another re-testing phase, which could end with another bull rally.The last week did not witness high volatility in terms of BTC’s price action, as the king of cryptos’ value moved marginally. A similar trend was also noted in the last 24 hours., at the time of writing, BTC was trading at $64,796.66 with a market capitalization of over $1.27 trillion.

However, there were chances for the coin’s price to turn volatile over the days to follow. Moustache, a popular crypto analyst, recently posted aIf history is to be considered, BTC might soon begin a bull rally, as the coin turned bullish when its price entered a similar pattern back in 2017 and 2020.

Therefore, AMBCrypto checked Bitcoin’s metrics to see the chances of the coin actually kick-starting a bull rally.Despite a historical bull pattern, Bitcoin’s on-chain metrics continued to look bearish. For example, it’s aSOPR was red, as per our analysis of CryptoQuant’sThis meant that more investors were selling at a profit. In the middle of a bull market, it could indicate a market top.

Its Binary CDD followed a similar trend, meaning that long-term holders’ movements in the last seven days were higher than average. If they were moved for the purpose of selling, it may have a negative impact.Nonetheless, other metrics told a different story. Bitcoin’s exchange reserve was dropping at press time, indicating that selling pressure on the coin was low.Taker Buy Sell Ratio was in the green, suggesting that buying sentiment was dominant in the derivatives market.

The Money Flow Index also followed a similar trend, indicating that chances of less volatile price movement were high.

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