Key Points
- Bitcoin’s exchange reserve has dropped to its 2018 level, indicating a potential bullish trend.
- However, some indicators suggest a bearish trend due to increased selling at a profit.
Bitcoin, also known as BTC, has been showing signs of a bullish trend as it nears the $60k mark.
This could just be the beginning, as the cryptocurrency could reach new heights in the near future.
Is a Big Move on the Horizon?
According to data from CoinMarketCap, BTC’s value has risen by over 6% in the past week.
This upward trend continued in the last 24 hours, with the cryptocurrency’s price increasing by more than 1%.
At the time of writing, BTC was trading at $59,256.11, boasting a market capitalization of over $1.17 trillion.
Crypto analyst, Titan of Crypto, highlighted that BTC seems to be following a past trend.
According to his analysis, BTC has always reached new highs after entering its 3rd parabolic advance stage, as seen in 2013, 2017, and 2021.
This suggests that BTC could reach an all-time high in the coming months.
Chances of BTC Reaching an ATH in 2024
CryptoQuant data analysis reveals that Bitcoin’s exchange reserve has hit a low similar to that of 2018, indicating an increase in buying pressure, a bullish signal.
Furthermore, BTC’s Binary CDD was green, showing that long-term holders’ movement in the past week was lower than average, indicating a tendency to hold onto their coins.
However, the aSORP was red, suggesting that more investors were selling at a profit.
This could indicate a market top in the middle of a bull market.
Technical indicators such as the MACD show that bulls are trying to catch up with bears.
BTC’s Chaikin Money Flow (CMF) indicates a potential bullish takeover as it trends northward.
On the other hand, the Money Flow Index (MFI) suggests a few slow-moving days ahead.
