Where is the price of bitcoin going? 5 indicators to identify the movement

The analysis platform Lookonchain details indicators that anticipate the direction of bitcoin in the medium and long term.

by Bárbara Distéfano August 31, 2024

Where is the price of bitcoin going? Dall-E, by OpenAI.

Key facts:

According to technical indicators, bitcoin could be in a pause of the bullish trend.

The currency is currently trading around USD 60,000.

The financial graphics platform

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According to the analysis company Lookonchain, there are 5 indicators that suggest that the top of the bullish trend for bitcoin (BTC) has not yet arrived. These indicators can signal good times to escape the market.

One of them is the relative strength index (RSI), which measures the momentum of an asset's price movements. When this metric is above 70, on a scale of 0 to 100, it indicates that the asset is overbought. On the other hand, when it is below 30, it reflects that it is oversold and could soon experience an uptick.