After crossing the $69k mark, Bitcoin [BTC] has once again fallen under that level, but this might a good buying opportunity.
Metrics and market indicators looked bearish on the coin.has once again fallen under that level. Though this might look concerning at first glance, the latest data revealed that now might be the right time to accumulate BTC.BTC gained bullish momentum as it exceeded $69k on the 27th of July. This gave hope to investors that BTC would once again touch $70k.
In the meantime, Ali, a popular crypto analyst, posted a tweet revealing an interesting development. As per the, BTC’s Hash Ribbon signals the end of Bitcoin miner capitulation, suggesting BTC price momentum has shifted from negative to positive. Our analysis of Santiment’s data revealed that BTC’s supply on exchanges increased sharply while its supply outside of exchanges dropped. This clearly meant that selling pressure increased.Source: Santimentrevealed that BTC’s Miners’ Position Index was green, meaning that miners were selling less holdings compared to its one-year average.
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