Bitcoin: best time to buy the dip?
(note: the post contains data by AMBCrypto)
Bitcoin (BTC) remained bearish, as the king coin was trading under $57k at press time. While this initially looked disastrous, for savvy investors, this might as well be a right opportunity to buy the dip.
According to CoinMarketCap, BTC’s price dropped by more than 3% in the last seven days. In the last 24 hours alone, the king coin witnessed a nearly 4% price fall.
Meanwhile, Ali, a popular crypto analyst, posted a tweet revealing a bullish development. Top BTC traders on Binance showed a slight bullish tilt, with 51.79% investors holding long positions on BTC.
Generally, a rise in the number of long positions in the market hint at an increase in bullish sentiment around an asset.
As pet the chart, The Chaikin Money Flow (CMF) registered an uptick. This indicated that BTC’s bearish price action might end soon.
However, the Relative Strength Index (RSI) moved southwards, meaning that the possibility of BTC falling further can’t be ruled out yet.
