journey to a higher value on the charts might take longer than initially expected. This seemed to be the case after AMBCrypto analyzed a few crucial on-chain metrics.
In fact, at press time, it was observed that the number of BTC was falling. This decline could be a sign that most Bitcoin holders are inclined towards accumulating more of the coin, instead of selling.Here, it’s worth pointing out that the fall in reserves proved that Bitcoin is in a bull market. However, the metric also suggested that Bitcoin may be 50% away from its potential market top this cycle.
At the time of writing, BTC was valued at $67,937, with the crypto having registered a notable decline from its ATH in March. The falling reserves and price combination indicate that Bitcoin might beIn trading, liquidity hunting happens when market participants seek low liquidity as prices move within a short range. AMBCrypto’s assessment of the market showed that Bitcoin has been moving between $64,000 and $68,000.a significant upward move till the end of the second quarter .
“Bitcoin is gathering strength for the next rise. When it gathers enough strength, a sharp rise seems to be waiting for us. It seems likely that rises like those in Q3-Q4 will continue.” This opinion also aligned with the crypto fear and greed index. This index shows if the cryptocurrency is fairly priced,At press time, the metric had a reading of 60 – A sign that greed in the market was not extreme. Therefore, Bitcoin seemed fairly priced on the charts. However, this also indicates that another significant hike might be possible in the mid to long-term.This metric also uses the correlation between the price and supply in profit.
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Source: CryptoAmb - 🏆 22. / 68 Read more »