The recent price uptrend sparked hopes among investors about Bitcoin [BTC] reaching an all-time high this week
Therefore, AMBCrypto planned to have a better look at what’s going on to see what the crypto week ahead might look like.Bitcoin bulls gained control over the market as they pushed BTC towards the $70k. Since this value was much closer to its all-time high, BTC could retest that mark or even go above it in this week., BTC’s price had risen by more than 2% in the last 24 hours. At the time of writing, BTC was trading at $69,630.41 with a market capitalization of over $1.37 trillion.
AMBCrypto’s look at Glassnode’s data revealed an indicator that suggested that it was very likely for the king of cryptos to reach a new high. BTC’s Pi Cycle Top indicator pointed out that BTC’s price was resting just near its possible market bottom. If the indicator is to be believed, then BTC’s possible market top was $98k, further suggesting a breakout above its current ATH.revealed that BTC’s net deposit on exchanges was dropping compared to the last seven days’ average. This meant that buying pressure was rising.
Apart from investors, BTC miners were also reluctant to sell their holdings. BTC’s Miners’ Position Index indicated that miners were selling fewer holdings compared to its one-year average.However, not everything looked optimistic. The king of cryptos’ NVT ratio registered a sharp increase. A rise in the metric means that an asset is overvalued, which generally results in price corrections.had a value of 71%, meaning that the market was in a “greed” phase.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Charting the Global Economy: UK Labour Party Wins in Landslide(Bloomberg) -- The Labour Party won a landslide victory in the UK election after the Conservatives imploded following 14 years of rule that became defined by...
Read more »
Charting the Global Economy: UK Labour Party Wins in LandslideThe Labour Party won a landslide victory in the UK election after the Conservatives imploded following 14 years of rule that became defined by turmoil.
Read more »
Charting the Global Economy: US Inflation Cools, Political Gridlock Grips France(Bloomberg) -- Underlying US inflation cooled in June to the slowest pace since 2021 on the back of a long-awaited slowdown in housing costs, sending the...
Read more »
Charting Bitcoin’s road beyond $60K: A 20% surge in coming weeks?Bitcoin [BTC] recently managed to break above the $60k barrier, sparking excitement among crypto investors.
Read more »
Charting the Global Economy: UK Services Inflation Tops Forecast(Bloomberg) -- Britain recorded stronger-than-expected inflation in its services sector last month, retail sales weakened and the budget deficit exceeded...
Read more »
Charting the Global Economy: China Cuts Rates; Mild US Inflation(Bloomberg) -- The People’s Bank of China unexpectedly lowered the cost of its one-year policy loans by the most since April 2020, acting days after cutting ...
Read more »