Bitcoin price is likely to dip into the $59,111 to $53,120 imbalance, allowing sidelined buyers to accumulate. A bounce from this zone could propel BTC to $80,000, a new all-time high. On-chain metrics support the short-term upswing in BTC. Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
To be precise, the RSI's current position looks similar to what occurred between late December 2023 and early January 2024. To conclude, although both momentum indicators are not signaling a bullish scenario yet, they are set up to flip bullish if the situation arises. Read more:Bitcoin bull plans thwarted by US Dollar rally BTC/USDT 1-week chart According to Santiment, Bitcoin’s 30-day Market Value to Realized Value ratio currently hovers around -3.00% after recovering from -8.
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