Bitcoin On-Chain Metrics Signals Bullish Outlook
Bitcoin (BTC) price is currently hovering below $70,000 after hitting an all-time high. Despite the current price range, on-chain metrics indicate a potentially positive trend for BTC.
Bitcoin Flashes Buy Signals
– BTC price is at $67,760, showing a red candlestick today
– The Reserve Risk indicator is in the green zone, hinting at a bullish outlook
– This indicator gauges long-term Bitcoin holders’ confidence
– A lower Reserve Risk suggests accumulation by long-term holders, signaling a recovery
The Price Daily Average Addresses (DAA) Divergence also supports this positive outlook. It measures the difference between a cryptocurrency’s price and the number of active addresses interacting with it daily, indicating potential price trends based on user activity. Currently, BTC is showing a “buy” signal, making it a favorable asset for accumulation.
BTC Price Prediction: Bounce
– Bitcoin price is expected to rise to $70,000 and beyond over the weekend
– Investors are likely to accumulate leading up to the halving event, boosting the price
– $71,370 poses a resistance level, which may need strong bullish signals to surpass
– Failure to breach $68,250 could result in a price drop to $65,300 or even $61,730
Anticipated bullish activity in the coming days could drive more investors to add BTC to their portfolios, potentially leading to a surge in Bitcoin’s price.
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