{"id":352999,"date":"2023-10-24T01:00:22","date_gmt":"2023-10-23T19:30:22","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=352999"},"modified":"2023-10-23T17:07:45","modified_gmt":"2023-10-23T11:37:45","slug":"bitcoin-spikes-10-in-7-days-but-bears-loom-large","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-spikes-10-in-7-days-but-bears-loom-large\/","title":{"rendered":"Bitcoin spikes 10% in 7 days, but bears loom large"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">BTC was up by more than 10% over the last seven days, along with a hike in volume.<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Selling pressure on BTC increased, which could cause a trend reversal in the coming days.\u00a0<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Bitcoin [BTC]<\/span><span style=\"font-weight: 400;\"> once again surprised investors with its bullish price action over the last week. Thanks to the uptrend, BTC finally managed to push its price over the $30,000 mark.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Bitcoin dominance hits highest point in over two years. <a href=\"https:\/\/t.co\/dj1nhS4Lyy\">pic.twitter.com\/dj1nhS4Lyy<\/a><\/p>\n<p>&mdash; Altcoin Daily (@AltcoinDaily) <a href=\"https:\/\/twitter.com\/AltcoinDaily\/status\/1716139462760284228?ref_src=twsrc%5Etfw\">October 22, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Read<\/span> <a href=\"http:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bitcoin\u2019s [BTC] Price Prediction<\/span><\/a><span style=\"font-weight: 400;\"> 2023-24<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">The hike in its value also pushed the king of cryptos\u2019 dominance to the highest level in the last two years.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, investors must exercise caution, as a few recent metrics suggest that BTC\u2019s price might witness a price correction soon. Therefore, a closer look at Bitcoin\u2019s health report could shed light on what to expect from the coin in the days to come.<\/span><\/p>\n<h4><b>Bitcoin investors are enjoying profits\u00a0<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Bitcoin\u2019s price rallied by more than 10% over the last week, allowing it to move above $30,000. According to<\/span> <a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400;\">, at the time of writing, BTC was trading at $30,735.06 with a market capitalization of over $599 billion. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Not only did the coin\u2019s price increase, but its daily trading volume also surged by 23%, which by and large is a positive signal. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Thanks to the increment in its value, BTC\u2019s 1-week price volatility went up. It was surprising to see that while<\/span> <a href=\"http:\/\/ambcrypto.com\/bitcoin-will-the-lightning-networks-woes-undo-btcs-rally\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">BTC<\/span><\/a><span style=\"font-weight: 400;\">\u2019s price took a northward path, its Social Volume declined. Its Weighted Sentiment also dropped sharply over the last few days.<\/span><\/p>\n<figure id=\"attachment_353002\" aria-describedby=\"caption-attachment-353002\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Bitcoin-BTC-13.15.32-23-Oct-2023.png\"><img decoding=\"async\" class=\"wp-image-353002 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Bitcoin-BTC-13.15.32-23-Oct-2023.png\" alt=\"\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Bitcoin-BTC-13.15.32-23-Oct-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Bitcoin-BTC-13.15.32-23-Oct-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Bitcoin-BTC-13.15.32-23-Oct-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Bitcoin-BTC-13.15.32-23-Oct-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Bitcoin-BTC-13.15.32-23-Oct-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Bitcoin-BTC-13.15.32-23-Oct-2023-2048x693.png 2048w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-353002\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">A possible reason for the drop in BTC\u2019s Weighted Sentiment could be that investors were expecting a price correction in the near term. In fact, a popular crypto analyst recently posted a tweet on X (formerly Twitter) highlighting a bearish indicator. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Notably, there was a head-and-shoulder pattern forming on<\/span> <a href=\"http:\/\/ambcrypto.com\/will-bitcoins-bullish-rally-see-a-pullback\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">BTC<\/span><\/a><span style=\"font-weight: 400;\">\u2019s daily chart.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">There&#39;s a lot of talk around a potential head-and-shoulders pattern forming in <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> daily chart. Let\u2019s dissect it!<\/p>\n<p>The <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> daily chart hints at a possible sell signal emerging tomorrow, based on the TD Sequential indicator flashing a green 9 candlestick. Not to mention, the\u2026 <a href=\"https:\/\/t.co\/h7CiwRFcHb\">pic.twitter.com\/h7CiwRFcHb<\/a><\/p>\n<p>&mdash; Ali Charts (@alicharts) <a href=\"https:\/\/twitter.com\/alicharts\/status\/1716054966505193805?ref_src=twsrc%5Etfw\">October 22, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">The pattern hints at a possible sell signal, based on the TD Sequential indicator flashing a green 9 candlestick. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">For the uninitiated, a head-and-shoulders pattern is a type of technical indication that consists of three peaks on the chart, with the middle peak being the tallest and the outside two being near in height.<\/span><\/p>\n<h4><b>Selling pressure Bitcoin might rise<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Not only the pattern, but several metrics also suggested that BTC\u2019s might witness a price correction. Its RSI went over 71 &#8211; an indication of rising selling pressure. Additionally, HyBlock&#8217;s data revealed that when<\/span> <a href=\"http:\/\/ambcrypto.com\/how-fomo-around-bitcoin-etfs-can-change-the-tides\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">BTC<\/span><\/a><span style=\"font-weight: 400;\">\u2019s price reached near the $32,000 mark in July, its liquidation spiked. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">As BTC\u2019s price exhibited the possibility of reaching the same mark in the coming days, investors might see a hike in liquidation this time around as well.<\/span><\/p>\n<figure id=\"attachment_353004\" aria-describedby=\"caption-attachment-353004\" style=\"width: 1675px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/HyBlock-BTC.png\"><img decoding=\"async\" class=\"wp-image-353004 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/HyBlock-BTC.png\" alt=\"\" width=\"1675\" height=\"788\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/HyBlock-BTC.png 1675w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/HyBlock-BTC-300x141.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/HyBlock-BTC-1024x482.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/HyBlock-BTC-768x361.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/HyBlock-BTC-1536x723.png 1536w\" sizes=\"(max-width: 1675px) 100vw, 1675px\" \/><\/a><figcaption id=\"caption-attachment-353004\" class=\"wp-caption-text\">Source: Hyblock Capital<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">CrypoQuant\u2019s<\/span> <a href=\"https:\/\/cryptoquant.com\/asset\/btc\/summary\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">data<\/span><\/a><span style=\"font-weight: 400;\"> also pointed out a few metrics, which showed that investors were already selling BTC. Notably, the king of cryptos\u2019 Net Deposits on Exchanges was high, compared to the last seven-day average. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Its aSORP also turned red, meaning that more investors are selling at a profit. In the middle of a bull market, it could indicate a market top. Its Taker Buy\/Sell ratio was in the red as well. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The metric clearly revealed that selling sentiment was dominant in the derivatives market. Interestingly, BTC\u2019s Supply outside of Exchanges flattened last week. However, after a dip, its Supply on Exchanges moved up slightly, increasing the chances of a crossover in the coming days.<\/span><\/p>\n<figure id=\"attachment_353006\" aria-describedby=\"caption-attachment-353006\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Bitcoin-BTC-14.15.56-23-Oct-2023.png\"><img decoding=\"async\" class=\"wp-image-353006 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Bitcoin-BTC-14.15.56-23-Oct-2023.png\" alt=\"\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Bitcoin-BTC-14.15.56-23-Oct-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Bitcoin-BTC-14.15.56-23-Oct-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Bitcoin-BTC-14.15.56-23-Oct-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Bitcoin-BTC-14.15.56-23-Oct-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Bitcoin-BTC-14.15.56-23-Oct-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Bitcoin-BTC-14.15.56-23-Oct-2023-2048x693.png 2048w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-353006\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Another noteworthy metric was BTC\u2019s Whale Transaction Count, which remained relatively high throughout the last week. Moreover,<\/span>\u00a0<a href=\"http:\/\/ambcrypto.com\/bitcoin-what-do-the-next-2-years-hold-for-btc\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">BTC<\/span><\/a><span style=\"font-weight: 400;\">\u2019s Open Interest increased along with its price, which is generally an optimistic signal. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">But this time, the metric reached the same level as that in July 2023, after which the coin\u2019s price plummeted.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<figure id=\"attachment_353005\" aria-describedby=\"caption-attachment-353005\" style=\"width: 1720px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Coinglass-BTC-3.png\"><img decoding=\"async\" class=\"wp-image-353005 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Coinglass-BTC-3.png\" alt=\"\" width=\"1720\" height=\"530\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Coinglass-BTC-3.png 1720w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Coinglass-BTC-3-300x92.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Coinglass-BTC-3-1024x316.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Coinglass-BTC-3-768x237.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Coinglass-BTC-3-1536x473.png 1536w\" sizes=\"(max-width: 1720px) 100vw, 1720px\" \/><\/a><figcaption id=\"caption-attachment-353005\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<h4><b>What to expect from BTC?<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">A look at BTC\u2019s press time chart provided a better understanding of whether investors should expect a short-term price correction. Most importantly, Bitcoin\u2019s price touched the upper limit of the Bollinger Bands, which could cause a trend reversal. <\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Is your portfolio green? Check out the<\/span> <a href=\"http:\/\/ambcrypto.com\/calculator\/bitcoin-profit-calculator\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">BTC Profit Calculator<\/span><\/a><span style=\"font-weight: 400;\">\u00a0\u00a0<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">The Chaikin Money Flow (CMF) also registered a downtick.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Nonetheless, the MACD displayed optimistic signs as it displayed a bullish crossover on 17 October.<\/span> <a href=\"http:\/\/ambcrypto.com\/is-ripples-xrpl-superior-to-bitcoins-lightning-network\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">BTC<\/span><\/a><span style=\"font-weight: 400;\">\u2019s Money Flow Index (MFI) was also resting comfortably above the neutral mark, increasing the chances of a continued price uptrend in the days to follow.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<figure id=\"attachment_353008\" aria-describedby=\"caption-attachment-353008\" style=\"width: 1814px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/BTCUSD_2023-10-23_14-16-14.png\"><img decoding=\"async\" class=\"wp-image-353008 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/BTCUSD_2023-10-23_14-16-14.png\" alt=\"\" width=\"1814\" height=\"807\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/BTCUSD_2023-10-23_14-16-14.png 1814w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/BTCUSD_2023-10-23_14-16-14-300x133.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/BTCUSD_2023-10-23_14-16-14-1024x456.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/BTCUSD_2023-10-23_14-16-14-768x342.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/BTCUSD_2023-10-23_14-16-14-1536x683.png 1536w\" sizes=\"(max-width: 1814px) 100vw, 1814px\" \/><\/a><figcaption id=\"caption-attachment-353008\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin\u2019s price enters a bull rally, allowing it to finally go above the $30,000 mark. However, a bearish pattern is noted on BTC\u2019s daily chart.<\/p>\n","protected":false},"author":75,"featured_media":353009,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[],"class_list":["post-352999","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bitcoin spikes 10% in 7 days, but bears loom large - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Bitcoin [BTC] once again surprised investors with its bullish price action over the last week as its value went over $30,000\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/bitcoin-spikes-10-in-7-days-but-bears-loom-large\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin spikes 10% in 7 days, but bears loom large - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"Bitcoin\u2019s price enters a bull rally, allowing it to finally go above the $30,000 mark. 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