- BTC is up almost 10% in the last seven days.
- Buying pressure was high and indicators also looked bullish.
Bitcoin [BTC] has finally gained bullish momentum as its value crossed the $47,000 mark. This sparked excitement in the community as investors expected the royal coin to reach new highs. In between, a key BTC indicator signaled a buy signal, suggesting that investors should consider accumulating.
A look at Bitcoin's weekly journey
Bitcoin managed to turn bullish once again by turning its weekly and daily charts green. Accordingly CoinMarketCapBTC is up more than 9.5% in the last seven days.
In fact, its value has increased by over 3% in the last 24 hours alone. At the time of writing, BTC was trading at $47,454.25 and had a market cap of over $931 billion. Thanks to the price increase, the coin's social volume increased, meaning its popularity has increased in the recent past.
Additionally, bullish sentiment around the coin has also increased recently, which can be seen in the rise in weighted sentiment.
Source: Santiment
Meanwhile, Ali, a popular crypto analyst, recently posted a tweet highlighting an important BTC metric. According to the tweet, Super Trend has just displayed a buy signal on the monthly Bitcoin chart, a tool known for its precision in predicting BTC bull markets.
See more
The Supertrend just displayed a buy signal on the #Bitcoin monthly chart, a tool known for its precision in predicting $BTC bull markets.
The four buy signals it has issued since #BTC's inception have all been confirmed, resulting in gains of 169,172%, 9,900%, 3,680% and 828%,… pic.twitter.com/83GtqJNryW
– Ali (@ali_charts) February 8, 2024
Historically, the indicator has provided four validated buy signals since BTC's launch, resulting in gains of 169,172%, 9,900%, 3,680%, and 828%, respectively.
Therefore, AMBCrypo took a closer look at the state of BTC to understand whether investors have started accumulating more BTC.
Bitcoin accumulation is increasing again
Our analysis of Santiment's data clearly showed that investors were indeed buying BTC. The king of crypto's supply on exchanges fell last week while off-exchange supply increased, indicating high buying pressure.
Foreign exchange outflow also increased sharply, further evidence that buying pressure was high.
Source Santiment
Since buying pressure was high and Bitcoin price action was bullish, we then checked the daily basket to see if the uptrend would continue. An analysis of BTC’s daily chart shows that BTC’s Chaikin Money Flow (CMF) has risen sharply.
To read Bitcoins [BTC] Price prediction 2024-25
Its MACD also showed a clear upside advantage in the market. These indicators suggested that the possibility of a sustained price uptrend was high.
However, the Relative Strength Index (RSI) was on the verge of entering the overbought zone. This may increase selling pressure on Bitcoin, which could lead to an end to the bullish price movement.
Source: TradingView
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.