{"id":412375,"date":"2024-08-07T07:30:56","date_gmt":"2024-08-07T02:00:56","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=412375"},"modified":"2024-08-07T10:20:24","modified_gmt":"2024-08-07T04:50:24","slug":"bitcoin-to-65k-and-beyond-what-this-key-level-says","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-to-65k-and-beyond-what-this-key-level-says\/","title":{"rendered":"Should you &#8216;buy the dip&#8217; on Bitcoin? What THIS key level suggests"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">Buying pressure on Bitcoin increased in the last week.\u00a0<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Technical indicators hinted at a trend reversal soon.\u00a0<\/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;\"> has been underperforming for the last seven days as its price dropped near $55k. However, the last 24 hours were in investors\u2019 favor. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Does this pose an opportunity for investors to buy the dip? Let\u2019s find out what is going on.\u00a0<\/span><\/p>\n<h2><b>Bitcoin is in a dilemma<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">CoinMarketCap\u2019s <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\"><span style=\"font-weight: 400;\">data<\/span><\/a><span style=\"font-weight: 400;\"> revealed that in the past seven days, the king of crypto\u2019s price dropped by more than 17%. At the time of writing, BTC was trading at $55,128.85 with a market capitalization of more than $1 trillion. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Since BTC is trading under $56k, this might be the right opportunity to buy BTC. Therefore, AMBCrypto planned to take a look at metrics to find out whether buying pressure on BTC was high. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">As per our analysis of Santiment\u2019s data, Bitcoin\u2019s supply on exchanges dropped sharply last week. This meant that investors were buying BTC at press time.\u00a0<\/span><\/p>\n<figure id=\"attachment_412376\" aria-describedby=\"caption-attachment-412376\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Bitcoin-BTC-17.04.26-06-Aug-2024.png\"><img decoding=\"async\" class=\"wp-image-412376 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Bitcoin-BTC-17.04.26-06-Aug-2024.png\" alt=\"Investors were buying BTC\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Bitcoin-BTC-17.04.26-06-Aug-2024.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Bitcoin-BTC-17.04.26-06-Aug-2024-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Bitcoin-BTC-17.04.26-06-Aug-2024-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Bitcoin-BTC-17.04.26-06-Aug-2024-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Bitcoin-BTC-17.04.26-06-Aug-2024-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Bitcoin-BTC-17.04.26-06-Aug-2024-2048x693.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Bitcoin-BTC-17.04.26-06-Aug-2024-1200x406.png 1200w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-412376\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Similarly, CryptoQuant\u2019s <\/span><a href=\"https:\/\/cryptoquant.com\/asset\/usdt_eth\/summary\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">data<\/span><\/a><span style=\"font-weight: 400;\"> suggested BTC\u2019s exchange reserves were dropping. This further proves the point that investors were buying BTC. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Apart from that, BTC\u2019s transfer volume and active addresses also increased, which can be inferred as a bullish signal.<\/span><\/p>\n<figure id=\"attachment_412378\" aria-describedby=\"caption-attachment-412378\" style=\"width: 2110px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-06-at-5.07.08\u202fPM.png\"><img decoding=\"async\" class=\"wp-image-412378 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-06-at-5.07.08\u202fPM.png\" alt=\"\" width=\"2110\" height=\"752\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-06-at-5.07.08\u202fPM.png 2110w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-06-at-5.07.08\u202fPM-300x107.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-06-at-5.07.08\u202fPM-1024x365.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-06-at-5.07.08\u202fPM-768x274.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-06-at-5.07.08\u202fPM-1536x547.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-06-at-5.07.08\u202fPM-2048x730.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-06-at-5.07.08\u202fPM-1200x428.png 1200w\" sizes=\"(max-width: 2110px) 100vw, 2110px\" \/><\/a><figcaption id=\"caption-attachment-412378\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<h2><b>BTC\u2019s upcoming days\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">AMBCrypto then checked other datasets to find out what to expect from the king of cryptos. As per our analysis of Glassnode\u2019s data, BTC was resting well below its market bottom.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> The Pi cycle top indicator revealed that BTC\u2019s market bottom was at $64k. At press time, BTC was resting under that level. Additionally, if the metric is to be believed, then BTC\u2019s market top would be above $99k.<\/span><\/p>\n<figure id=\"attachment_412379\" aria-describedby=\"caption-attachment-412379\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/glassnode-studio_btc-pi-cycle-top-indicator-usd.png\"><img decoding=\"async\" class=\"wp-image-412379 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/glassnode-studio_btc-pi-cycle-top-indicator-usd.png\" alt=\"\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/glassnode-studio_btc-pi-cycle-top-indicator-usd.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/glassnode-studio_btc-pi-cycle-top-indicator-usd-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/glassnode-studio_btc-pi-cycle-top-indicator-usd-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/glassnode-studio_btc-pi-cycle-top-indicator-usd-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/glassnode-studio_btc-pi-cycle-top-indicator-usd-1536x864.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/glassnode-studio_btc-pi-cycle-top-indicator-usd-1200x675.png 1200w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-412379\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">AMBCrypto\u2019s look at Bitcoin\u2019s <\/span><a href=\"https:\/\/www.blockchaincenter.net\/en\/bitcoin-rainbow-chart\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Rainbow Chart<\/span><\/a><span style=\"font-weight: 400;\"> revealed that the coin was in an accumulation phase. Whenever the indicator hits this level, it suggests that there is still a chance for investors to buy the BTC at a lower price. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">AMBCrypto then checked BTC\u2019s daily chart to better understand what to expect from the coin in the coming days. According to our analysis, the Relative Strength Index (RSI) registered an uptick.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Money Flow Index (MFI) also followed a similar trend.\u00a0<\/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=\"https:\/\/ambcrypto.com\/calculator\/profit\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">BTC Profit Calculator<\/span><\/a><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">These market indicators suggested that the chances of BTC gaining upward momentum were high. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the technical indicator MACD displayed a bearish advantage in the market, which could restrict BTC from moving up in the flooring days.\u00a0<\/span><\/p>\n<figure id=\"attachment_412380\" aria-describedby=\"caption-attachment-412380\" style=\"width: 2308px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/BTCUSD_2024-08-06_17-51-39.png\"><img decoding=\"async\" class=\"wp-image-412380 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/BTCUSD_2024-08-06_17-51-39.png\" alt=\"\" width=\"2308\" height=\"1456\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/BTCUSD_2024-08-06_17-51-39.png 2308w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/BTCUSD_2024-08-06_17-51-39-300x189.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/BTCUSD_2024-08-06_17-51-39-1024x646.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/BTCUSD_2024-08-06_17-51-39-768x484.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/BTCUSD_2024-08-06_17-51-39-1536x969.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/BTCUSD_2024-08-06_17-51-39-2048x1292.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/BTCUSD_2024-08-06_17-51-39-1200x757.png 1200w\" sizes=\"(max-width: 2308px) 100vw, 2308px\" \/><\/a><figcaption id=\"caption-attachment-412380\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin has dropped under $65k, but there are signs of a revival as suggested by a few indicators<\/p>\n","protected":false},"author":75,"featured_media":412403,"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":[6427],"class_list":["post-412375","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","tag-ambcrypto"],"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>Should you &#039;buy the dip&#039; on Bitcoin? 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What THIS key level suggests - AMBCrypto","description":"Bitcoin [BTC] has been underperforming for the last seven days as its price dropped near $55k, but the trend might change","robots":{"index":"index","follow":"follow","max-image-preview":"max-image-preview:large"},"canonical":"https:\/\/ambcrypto.com\/bitcoin-to-65k-and-beyond-what-this-key-level-says\/","og_locale":"en_US","og_type":"article","og_title":"Should you 'buy the dip' on Bitcoin? 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