price has been in a consolidation phase for the last few days, as it was sticking near the $70k mark. In fact, there were chances of BTC falling near the $60k zone in the short term. If that happens, then it would be the right opportunity for investors to stockpile.earlier that BTC’s price was in a consolidation phase and was moving in between $60k and its ATH. Our analysis of IntoTheBlock’srevealed that more than 97% of BTC holders were in profit.
When such a high number of investors are in profit, they often sell their holdings to take an exit with the cash, which increases selling pressure. When we checked CryptoQuant’sThis meant that more investors are selling at a profit. In the middle of a bull market, it can indicate a market top, hinting at a price decline.It was interesting to note that despite these aforementioned red flags, BTC investors showed immense confidence in the coin as they continued to accumulate.
On top of that, BTC’s supply on exchanges dropped over the last week, further establishing the fact that investors were buying BTC while the coin was in a consolidation phase.High buying pressure might not be enough to stop the bears, as moist market indicators suggested a price correction, increasing the chances of BTC hitting $60k.
For example, the MACD displayed a bearish crossover. The Relative Strength Index registered a downtick after days of sideways movement. Moreover, Bitcoin’s Chaikin Money Flow went down sharply and was headed towards the neural mark. These indicators hinted that BTC might soon witness a price correction.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. He is a singer and a guitarist who also enjoys going on long bike rides.
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