Given that miners were driving down the price of bitcoin, let's examine some more datasets to see if $BTC would continue to be bearish. According to CryptoQuant's data, the net deposit of Bitcoin on exchanges was higher than the average for the previous seven days.
The strong selling attitude among US investors was indicated by the red colour of Coinbase Premium, the king of cryptocurrency. In addition, on June 15th, $BTC NVT ratio showed a significant increase. An asset may be subject to a price correction if the metric rises, indicating that it is overvalued.
With most market indicators looking bearish, things appeared considerably worse. The MACD, for example, showed a negative edge in the market. With a decrease, the Chaikin Money Flow (CMF) was hovering considerably below the neutral threshold. Relative Strength Index (RSI) for Bitcoin was likewise below the neutral threshold.
These signs pointed to an additional drop in pricing. Still, the price of $BTC had approached the Bollinger Bands' bottom bound. When that occurs, it suggests that prices will rise in the upcoming days.
#BinanceTournament #BTC #BTCFOMCWatch
