Will #BTC recover soon?

AMBCrypto’s look at Bitcoin’s metrics revealed that BTC might fall further in the short term.

Our analysis of CryptoQuant’s data highlighted that the crypto’s net deposit on exchanges was high, compared to the last seven days’ average. Its exchange reserves were climbing too – A sign of high selling pressure.

Source: CryptoQuant

Additionally, Bitcoin’s aSORP was red, meaning that more investors have been selling at a profit. On top of that, BTC’s Net Unrealized Profit and Loss (NULP) suggested that investors were in a “belief” phase, one where they were in a state of high unrealized profits. All these metrics hinted at a further downtrend.

As per our analysis of Hyblock Capital’s data, if the downtrend continues, BTC’s price might soon touch $66k or $64k. Once BTC reaches that level, the chances of a quick recovery are high if BTC tests the bull pattern that formed on its chart. However, if Bitcoin fails to test the pattern, then investors might as well see BTC falling to $57k.