Bitcoin’s [BTC] price action once again turned volatile as it swiftly approached $63k, but there is more to the story...
price action once again turned volatile as it swiftly approached $63k on the charts. In the meantime, however, a pattern seemed to be forming on the cryptocurrency’s price chart – A sign that BTC’s price might hit $75k in the coming weeks.BTC has gained by more than 6% over the past week, with it appreciating by 3% in the last 24 hours alone. At the time of writing, BTC was trading at $62,998.95 with a market capitalization of over $1.24 trillion.
Despite its fall from its ATH, however, most market analysts remain positive about the crypto’s price action. In fact, AMBCrypto had previouslythat Ki Young Ju, CEO of analytics firm CryptoQuant, claimed that Bitcoin’s network fundamentals could support a market valuation “three times its current size.”that an inverse head-and-shoulder pattern was forming on BTC’s price chart.
However, the tweet also mentioned the adverse scenario. If everything doesn’t fall into place, then BTC might drop down to $56k again. Hence, it’s worth taking a closer look at the cryptocurrency’s state to see which outcome is more likely.revealed that Bitcoin’s exchange reserves have been dropping. This clearly meant that buying pressure was high, which can be inferred as a bullish signal.
Its binary CDD suggested that long-term holders’ movements in the last 7 days were lower than average, meaning that they have a motive to hold their coins. On top of that, BTC’s NVT ratio dropped last week, meaning that it was undervalued. These metrics backed the possibility of BTC touching or going above its ATH.At press time, BTC’s aSORP was red, indicating that more investors have been selling at a profit. In the middle of a bull market, this can indicate a market top.To check whether the market has reached its top, AMBCrypto then analyzed BTC’s daily chart. As per our analysis, BTC was testing its 20-day exponential moving average at the time.
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