$BTC

Expert Comment from Senior Analyst: “Correction is at the Door in Bitcoin!”

The curious wait of investors continues as Bitcoin (BTC), the leading cryptocurrency, once again approaches 70 thousand dollars. However, since it is an important criterion that indicates a price decline in the coming days, it may take a while for BTC to regain this mark.

Current Data on Bitcoin

According to our analysis of CryptoQuant's data, as the exchange reserves rise, the selling pressure on BTC also increases. The stock market net winter total was high compared to the trailing seven-day average, signaling a selloff. Apart from this, BTC's aSORP is red. This may mean that more investors are selling at a profit. In the middle of a bull market, it may indicate that the market has reached its peak.

Its ULP revealed that investors are in a belief stage where they have unrealized profits. Another bearish metric was the fear and greed index, which revealed that the market was in a position of “extreme greed”. Once the metric reaches this level, the possibility of a price correction may increase. According to recent analysis, BTC's money flow index (MFI) has dropped sharply. The relative strength index (RSI) has also moved sideways in the last few days. Moreover, the chaikin money flow (CMF) moved upwards, indicating that BTC might witness a correction before its price reaches $70,000 again.  However, the MACD remained in favor of buyers, showing an upward edge in the market.