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Will Bitcoin catch investors off-guard in the short term? 

2min Read

A key Bitcoin metric has displayed a bullish pattern, which can possibly boost the coin’s price in the days to follow. Does this spell trouble for the STH cohort?

Will Bitcoin catch investors off-guard in the short term? 

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  • BTC was up by more than 2.5% in the last 24 hours, along with a hike in volume. 
  • Market sentiment turned bearish on BTC, as did a few metrics. 

Bitcoin [BTC] has shocked investors over the last month, thanks to its latest bull rally. As we entered the second month of the last quarter, a key indicator turned bullish. 

Read Bitcoin’s [BTC] Price Prediction 2023-24

The market’s confidence in Bitcoin is low

Over the last seven days, the king of cryptos’ price has rallied by over 3%. Though the momentum had dropped, its price chart still remained in the green. According to CoinMarketCap, BTC’s value rose by over 2.5% in just the last 24 hours.

At the time of writing, it was trading at $35,379.27 with a market capitalization of more than $690 billion.

The better news was that its 24-hour trading volume also surged by more than 90%, suggesting that investors were actively trading the coin.

While the coin’s price went up, market sentiment turned in the sellers’ favor. This was evident from the data AMBCrypto analyzed via LunarCrush, which showcased that bullish sentiment around the token had dropped.

Not only that, but Social Engagements also plummeted last week, meaning that Bitcoin’s popularity had somewhat declined.

Source: LunarCrush

Will Bitcoin surprise investors again?

Though market sentiment looked bearish on the king of cryptos, CryptoCon, a popular X (formerly Twitter) account highlighted a key bullish metric. As per the tweet, one of the most important Bitcoin indicator breakout for the cycle has just occurred for a rare second time this cycle.

Not only does this typically spell good things to come in the short term, but it also marks the beginnings of all the largest historical moves.

Therefore, a closer look at the blockchain’s stats sheds light on what to expect from it. As per additional data analyzed by AMBCrypto via CryptoQuant, selling pressure on BTC was high at press time. This was evident from the fact that its exchange reserve was increasing.

Is your portfolio green? Check out the BTC Profit Calculator    

 Its aSORP was also in the red, meaning that more investors were selling the token at a profit, which could indicate a possible market top.

Nonetheless, BTC’s derivatives metrics like Funding Rate and Taker Buy Sell Ratio were green, indicating that investors in the futures market were buying BTC at its higher price at the time of publication.

Source: CryptoQuant


Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space. He is a singer and a guitarist who also enjoys going on long bike rides.
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