{"id":380740,"date":"2024-04-01T20:30:40","date_gmt":"2024-04-01T15:00:40","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=380740"},"modified":"2024-04-01T14:09:19","modified_gmt":"2024-04-01T08:39:19","slug":"bitcoin-to-drop-to-60k-what-btcs-metrics-suggest","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-to-drop-to-60k-what-btcs-metrics-suggest\/","title":{"rendered":"Bitcoin to $60K? This 97% figure might come into play if&#8230;"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">BTC\u2019s price moved marginally in the last 24 hours.\u00a0<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Market indicators looked bearish on the coin.<\/span><\/em><\/li>\n<\/ul>\n<p><a href=\"http:\/\/ambcrypto.com\/category\/bitcoin-news\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bitcoin\u2019s [BTC]<\/span><\/a><span style=\"font-weight: 400;\"> price has been in a consolidation phase for the last few days, as it was sticking near the $70k mark. In fact, there were chances of BTC falling near the $60k zone in the short term. If that happens, then it would be the right opportunity for investors to stockpile.\u00a0<\/span><\/p>\n<h4><b>Is Bitcoin under threat?<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">AMBCrypto <\/span><a href=\"http:\/\/ambcrypto.com\/bitcoin-to-100k-heres-why-it-might-not-happen-anytime-soon\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">reported<\/span><\/a><span style=\"font-weight: 400;\"> earlier that BTC\u2019s price was in a consolidation phase and was moving in between $60k and its ATH. Our analysis of IntoTheBlock\u2019s <\/span><a href=\"https:\/\/app.intotheblock.com\/coin\/BTC\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">data<\/span><\/a><span style=\"font-weight: 400;\"> revealed that more than 97% of BTC holders were in profit. At first glance, this might look optimistic, but in reality, it can cause trouble. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">When such a high number of investors are in profit, they often sell their holdings to take an exit with the cash, which increases selling pressure. When we checked CryptoQuant\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;\">, it was found that BTC\u2019s aSORP was red.<\/span><\/p>\n<figure id=\"attachment_380741\" aria-describedby=\"caption-attachment-380741\" style=\"width: 966px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Screenshot-2024-04-01-at-10.40.32\u202fAM.png\"><img decoding=\"async\" class=\"wp-image-380741 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Screenshot-2024-04-01-at-10.40.32\u202fAM.png\" alt=\"Bitcoin investors were selling at profit \" width=\"966\" height=\"626\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Screenshot-2024-04-01-at-10.40.32\u202fAM.png 966w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Screenshot-2024-04-01-at-10.40.32\u202fAM-300x194.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Screenshot-2024-04-01-at-10.40.32\u202fAM-768x498.png 768w\" sizes=\"(max-width: 966px) 100vw, 966px\" \/><\/a><figcaption id=\"caption-attachment-380741\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">This meant that more investors are selling at a profit. In the middle of a bull market, it can indicate a market top, hinting at a price decline. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">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;\">, BTC\u2019s price moved marginally in the last 24 hours and, at press time, was trading at $70,446.45.<\/span><\/p>\n<h4><b>Investors are still buying BTC<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">It was interesting to note that despite these aforementioned red flags, BTC investors showed immense confidence in the coin as they continued to accumulate. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ali, a popular crypto analyst, recently posted a <\/span><a href=\"https:\/\/twitter.com\/ali_charts\/status\/1774372748703285447?s=20\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">tweet<\/span><\/a><span style=\"font-weight: 400;\"> highlighting that BTC showed a strong accumulation score while consolidating around all-time highs. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">An analysis of BTC\u2019s metrics also suggested that buying pressure remained high. For instance, BTC\u2019s exchange reserve was green. As per CryptoQuat\u2019s data, BTC\u2019s Coinbase Premium was also green, meaning that buying sentiment was dominant among US investors. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">On top of that, BTC\u2019s supply on exchanges dropped over the last week, further establishing the fact that investors were buying BTC while the coin was in a consolidation phase.<\/span><\/p>\n<figure id=\"attachment_380742\" aria-describedby=\"caption-attachment-380742\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Bitcoin-BTC-10.47.49-01-Apr-2024.png\"><img decoding=\"async\" class=\"wp-image-380742 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Bitcoin-BTC-10.47.49-01-Apr-2024.png\" alt=\"Bitcoin's supply on exchanges dropped\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Bitcoin-BTC-10.47.49-01-Apr-2024.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Bitcoin-BTC-10.47.49-01-Apr-2024-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Bitcoin-BTC-10.47.49-01-Apr-2024-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Bitcoin-BTC-10.47.49-01-Apr-2024-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Bitcoin-BTC-10.47.49-01-Apr-2024-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Bitcoin-BTC-10.47.49-01-Apr-2024-2048x693.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/Bitcoin-BTC-10.47.49-01-Apr-2024-1200x406.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-380742\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">High buying pressure might not be enough to stop the bears, as moist market indicators suggested a price correction, increasing the chances of BTC hitting $60k.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> For example, the MACD displayed a bearish crossover. The Relative Strength Index (RSI) registered a downtick after days of sideways movement.\u00a0<\/span><\/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;\"> 2024-25<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Moreover, Bitcoin\u2019s Chaikin Money Flow (CMF) went down sharply and was headed towards the neural mark. These indicators hinted that BTC might soon witness a price correction.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> Therefore, investors might consider waiting longer before increasing their accumulation.\u00a0<\/span><\/p>\n<figure id=\"attachment_380743\" aria-describedby=\"caption-attachment-380743\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/BTCUSD_2024-04-01_10-53-22.png\"><img decoding=\"async\" class=\"wp-image-380743 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/BTCUSD_2024-04-01_10-53-22.png\" alt=\"\" width=\"2560\" height=\"1432\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/BTCUSD_2024-04-01_10-53-22.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/BTCUSD_2024-04-01_10-53-22-300x168.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/BTCUSD_2024-04-01_10-53-22-1024x573.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/BTCUSD_2024-04-01_10-53-22-768x430.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/BTCUSD_2024-04-01_10-53-22-1536x859.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/BTCUSD_2024-04-01_10-53-22-2048x1146.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/04\/BTCUSD_2024-04-01_10-53-22-1200x671.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-380743\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p><br style=\"font-weight: 400;\" \/><br style=\"font-weight: 400;\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin\u2019s price was in a consolidation zone between $60k and its all-time high, but buying pressure remained high.<\/p>\n","protected":false},"author":75,"featured_media":380744,"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-380740","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 v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bitcoin to $60K? 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