week-long bull rally came to a halt as its daily chart turned red over the last few hours. In fact, BTC lost some momentum between 16 and 17 May after a sell signal flashed on its price chart. Hence, it’s worth looking at Bitcoin’s state to see whether this trend is likely to continue in the near-term., Bitcoin was having a comfortable weekly rally as its price hiked by more than 4%. The price uptrend allowed BTC to climb as high as $66k.
Also, its Net Unrealized Profit and Loss revealed that investors are in a belief phase, one where they are currently in a state of high unrealized profits.Upon closer inspection, AMBCrypto found that selling sentiment in general seemed dominant across the market. In fact, BTC’s net deposit on exchanges was high, compared to the last 7 days’ average.
A look at Glassnode’s data revealed yet another bearish metric. Bitcoin’s accumulation trend score had a value of 0.0061 at press time, indicating that investors have not been stockpiling BTC. For starters, the Accumulation Trend Score is an indicator that reflects the relative size of entities that are actively accumulating coins on-chain in terms of their BTC holdings. A value closer to 1 indicates high accumulation, and a value closer to 0 suggests investors are distributing or not accumulating.Finally, AMBCrypto analyzed BTC’s 4-hour chart to better understand the possibility of Bitcoin resuming its bull rally anytime soon.
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Source: CryptoAmb - 🏆 22. / 68 Read more »
Source: CryptoAmb - 🏆 22. / 68 Read more »
Source: CryptoAmb - 🏆 22. / 68 Read more »