Key Points
- Bitcoin [BTC] managed to cross the $61k mark again, despite a marginal price drop in the last 24 hours.
- Analyses suggest that a drop under a crucial support could push BTC down to $57k in the coming days.
Bitcoin [BTC] has seen a slight decline in the last 24 hours, but overall market indicators remain positive for the cryptocurrency.
Despite this, BTC was able to cross the $61k threshold once more. However, there are concerns as the cryptocurrency remains close to a key support level.
Bitcoin Crosses $61k Again
Recent analysis suggests that if BTC were to fall below this support, it could decrease to $57k in the near future.
Despite the slight price drop, BTC did surpass the $61k mark. As of the time of reporting, BTC was trading at $61,173.50 with a market capitalization exceeding $1.2 trillion.
According to analysis of data from IntoTheBlock, more than 44 million BTC addresses were profitable, accounting for over 82% of all BTC addresses.
Possibility of a Correction
In light of these findings, AMBCrypto examined Bitcoin’s on-chain data to better understand the likelihood of it dropping to that level again.
According to our analysis of CryptoQuant’s data, BTC’s exchange reserve is on the rise. When this metric increases, it could indicate an increase in selling pressure, often leading to price corrections.
However, other metrics are more optimistic. For example, BTC’s aSORP suggests that more investors are selling at a loss, which could indicate a market bottom in a bear market.
Furthermore, the coin’s secondary CDD shows that the movement of long-term holders in the last 7 days was below average, suggesting they are likely to hold onto their coins.
In the derivatives market, things also look positive. BTC’s funding rate is increasing and the taker buy/sell ratio is green, indicating a dominant buying sentiment among futures investors.
BTC’s price is also nearing the lower limit of the Bollinger Bands, often a sign of a potential price increase. If this trend continues, BTC could approach the resistance near $65k in the coming days.
