Key Points
- Bitcoin’s price has seen a 2% increase in the past week, with potential for a significant price hike in the near future.
- Despite currently trading under $70k, Bitcoin’s market indicators suggest a possible surge above $88k.
Bitcoin’s performance over the past week has seen a slight increase of more than 2%.
This may not seem significant, but it could be an indicator of a substantial price hike on the horizon.
Bitcoin’s Potential for Growth
Data from CoinMarketCap shows that Bitcoin’s price is on the rise, despite trading under $70k at the time of writing.
A popular crypto analyst, Tradigrade, recently pointed out that Bitcoin’s price is consolidating in a bullish pennant pattern, suggesting a potential breakout.
A look at Glassnode’s data reveals that Bitcoin could be nearing its market bottom, with a potential to surge above the $88k mark.
This is based on Bitcoin’s Pi cycle top indicators, which use the 111-day moving average (111SMA) and a 2x multiple of the 350-day moving average.
Signals of a Bull Rally
CryptoQuant’s data shows high buying pressure on Bitcoin, with its exchange reserve dropping.
Long-term holders’ movements in the past week have been lower than average, indicating a motive to hold onto their coins.
The derivatives market also shows optimism, with an increased Funding Rate indicating dominance of long-position traders.
The Taker Buy Sell Ratio also shows a high buying sentiment among derivatives investors.
However, a few more slow-moving days may be on the cards before a significant Bitcoin pump, as indicated by the coin’s MACD displaying a bearish crossover.
Its Relative Strength Index (RSI) and Chaikin Money Flow (CMF) are both moving sideways near their respective neutral zones.
