{"id":397508,"date":"2024-06-06T13:30:36","date_gmt":"2024-06-06T08:00:36","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=397508"},"modified":"2024-06-06T11:15:16","modified_gmt":"2024-06-06T05:45:16","slug":"bitcoin-at-71k-can-it-climb-higher-amid-a-sell-signal","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-at-71k-can-it-climb-higher-amid-a-sell-signal\/","title":{"rendered":"Bitcoin at $71k: Can it climb higher amid a sell signal?"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Bitcoin\u2019s price surged by more than 4% in the last seven days.\u00a0<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Indicators suggested that BTC might reach $87k soon.<\/span><\/em><\/li>\n<\/ul>\n<p><a href=\"https:\/\/ambcrypto.com\/category\/bitcoin-news\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bitcoin [BTC]<\/span><\/a><span style=\"font-weight: 400;\"> bulls worked hard this week as the king of cryptos\u2019 price surpassed $70k. This sparked excitement in the community, and several expected the coin\u2019s price to rise further. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, a sell signal flashed on BTC\u2019s chart, which could have impacted its price.\u00a0<\/span><\/p>\n<h2><b>Bitcoin holds above $70k<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">CoinMarketCap\u2019s <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">data<\/span><\/a><span style=\"font-weight: 400;\"> revealed that BTC gained bullish momentum on the 3rd of June as its value started to rise. The coin\u2019s price spiked by more than 4% in the last seven days. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the time of writing, BTC was trading at $71,091.06 with a market capitalization of over $1.4 trillion.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> In the meantime, Ali, a popular crypto analyst, posted a <\/span><a href=\"https:\/\/x.com\/ali_charts\/status\/1798274153457602877?t=8irMe1HqumDGUVOdTVZ-oQ&amp;s=19\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">tweet<\/span><\/a><span style=\"font-weight: 400;\"> highlighting a sell signal. This hinted at a price decline. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the signal didn\u2019t have much impact on Bitcoin\u2019s price action as the coin continued to trade above $71k.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> AMBCrypto\u2019s analysis of 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;\"> revealed that investors didn\u2019t sell BTC either. The coin\u2019s exchange reserve was dropping, signaling high buying pressure.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> Additionally, buying sentiment remained dominant among US investors as BTC\u2019s Coinbase premium was green.\u00a0<\/span><\/p>\n<figure id=\"attachment_397510\" aria-describedby=\"caption-attachment-397510\" style=\"width: 906px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-06-at-10.22.02\u202fAM.png\"><img decoding=\"async\" class=\"wp-image-397510 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-06-at-10.22.02\u202fAM.png\" alt=\"Bitcoin's exchange reserve was dropping \" width=\"906\" height=\"594\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-06-at-10.22.02\u202fAM.png 906w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-06-at-10.22.02\u202fAM-300x197.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-06-at-10.22.02\u202fAM-768x504.png 768w\" sizes=\"(max-width: 906px) 100vw, 906px\" \/><\/a><figcaption id=\"caption-attachment-397510\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<h2><b>Will BTC continue to rise?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">AMBCrypto\u2019s analysis of Glassnode\u2019s data revealed that BTC might continue its bull rally. As per the coin\u2019s Pi Cycle Top indicator, BTC was yet to reach its market top.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> This meant that BTC\u2019s price might continue to rise to $87k before it witnesses any major price correction.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> For starters, the Pi Cycle indicator is composed of the 111-day moving average and a 2x multiple of the 350-day moving average of Bitcoin&#8217;s price. <\/span><\/p>\n<figure id=\"attachment_397511\" aria-describedby=\"caption-attachment-397511\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/glassnode-studio_bitcoin-pi-cycle-top-indicator-usd-1.png\"><img decoding=\"async\" class=\"wp-image-397511 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/glassnode-studio_bitcoin-pi-cycle-top-indicator-usd-1.png\" alt=\"\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/glassnode-studio_bitcoin-pi-cycle-top-indicator-usd-1.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/glassnode-studio_bitcoin-pi-cycle-top-indicator-usd-1-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/glassnode-studio_bitcoin-pi-cycle-top-indicator-usd-1-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/glassnode-studio_bitcoin-pi-cycle-top-indicator-usd-1-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/glassnode-studio_bitcoin-pi-cycle-top-indicator-usd-1-1536x864.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/glassnode-studio_bitcoin-pi-cycle-top-indicator-usd-1-1200x675.png 1200w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-397511\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">BTC\u2019s binary CDD was green, meaning that long-term holders&#8217; movements in the last 7 days were lower than average. They have a motive to hold their coins. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, its funding rate also increased. This meant that long-position traders are dominant and are willing to pay short-position traders. These metrics suggested that the chances of BTC continuing to rise were high. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">AMBCrypto then analyzed BTC\u2019s daily chart to better understand which direction its price was headed. The technical indicator MACD displayed a bullish crossover. <\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Read <\/span><a href=\"https:\/\/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;\"> 2024-2025\u00a0<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">On top of that, BTC\u2019s Relative Strength Index (RSI) remained well above the neutral mark, suggesting a further price hike in the coming days.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, while the aforementioned indicators supported the bulls, BTC\u2019s Chaikin Money Flow (CMF) favored the bears. This seemed to be the case, as the indicator registered a downtick in the recent past.\u00a0<\/span><\/p>\n<figure id=\"attachment_397513\" aria-describedby=\"caption-attachment-397513\" style=\"width: 2710px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSD_2024-06-06_10-32-20.png\"><img decoding=\"async\" class=\"wp-image-397513 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSD_2024-06-06_10-32-20.png\" alt=\"\" width=\"2710\" height=\"1456\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSD_2024-06-06_10-32-20.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSD_2024-06-06_10-32-20-300x161.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSD_2024-06-06_10-32-20-1024x550.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSD_2024-06-06_10-32-20-768x413.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSD_2024-06-06_10-32-20-1536x825.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSD_2024-06-06_10-32-20-2048x1100.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSD_2024-06-06_10-32-20-1200x645.png 1200w\" sizes=\"(max-width: 2710px) 100vw, 2710px\" \/><\/a><figcaption id=\"caption-attachment-397513\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A sell signal flashed on Bitcoin\u2019s chart, but it didn\u2019t have much impact on BTC\u2019s price in the last 24 hours.<\/p>\n","protected":false},"author":75,"featured_media":397517,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,66,3,4,20],"tags":[],"class_list":["post-397508","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","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 at $71k: Can it climb higher amid a sell signal? 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