price action remained underwhelming, as it has failed to move above $64k in the last few days. In the meantime, a key BTC metric entered a zone of indecisive direction.This pushed BTC’s price under $64k, as at press time it was trading at $63,843.66 with a market capitalization of over $1.26 trillion.
Because of the negative price action, Weighted Sentiment around the king of cryptos turned bearish on the 27th of April.As per the analysis, the adjusted Spent Output Profit Ratio of Bitcoin continued to move in a bullish direction, while the short-term SOPR has entered a zone of uncertainty.“While fluctuations of this nature are not uncommon, particularly during periods of price exploration toward new all-time highs, heightened vigilance is warranted.
AMBCrypto’s analysis of Glassnode’s data also pointed out an interesting development related to short-term holders. We found that BTC’s STH MVRV dropped over the past few weeks. For the uninitiated, a low MVRV suggests that the current price of Bitcoin is relatively lower compared to the last transaction prices.Since BTC seemed to be undervalued, AMBCrypto took a closer look at its state to better understand whether a price rise was around the corner.This metric indicated that confidence in BTC was high. However, its price lay low at press time, which could be inferred as a bullish signal.
As per our analysis, the Money Flow Index hinted at a price uptick as it moved upwards. However, the Chaikin Money Flow remained bearish.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.Subscribe to get it daily in your inbox.
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