The latest data sets for Bitcoin suggest that it could soon hit an all-time high.
Bitcoin trading chart showed divergence at the time of publishing this report.
The Bitcoin Fear and Greed Index was also in âGreedâ mode at this time.
Bitcoinâs bearish streak continued to dominate the past month as the value of Bitcoin (BTC) dropped by more than 3%. However, the coin showed signs of recovery as it managed to slide above the psychological resistance level of $56,000.
At the time of writing, Bitcoin (BTC) was trading at $56,632.98, with a market cap of over $1.12 trillion.
Meanwhile, popular crypto analyst Javon tweeted a bullish divergence on the cryptocurrency chart. The bullish divergence indicated a possible price spike in the coming days.
In fact, it could also push BTC towards its all-time high.
In addition, CryptoQuant analysis also pointed to a price increase. According to the analysis, Bitcoinâs exchange reserves have decreased. At the same time, the supply of stablecoins has increased, indicating a bullish outlook for Bitcoin.
Will Bitcoin Hit Another High Soon?
Next, AMBCrypto examined several market indicators and metrics to see if they also signaled a price surge that would push Bitcoin to a new record high.
First, we checked the Bitcoin rainbow chart. According to our analysis, the Bitcoin rainbow chart showed that the price of the coin was in the âvery short sellâ zone.
When the indicator reaches this level, it indicates that investors should consider buying, as the chances of BTC price rising in the coming days are high.
Next, we took a look at Glassnode data. According to our view of the Pi Cycle Top indicator, Bitcoin was trading well below the potential market low of $62,000.
Therefore, if Bitcoin bulls push hard, it wouldnât be surprising to see the coin touch at least this level in the coming days.
However, at the time of writing, the Bitcoin Fear and Greed Index is in the âGreedâ mode. This indicates that there are chances for a price correction.
Therefore, AMBCrypto evaluated the daily chart of the coin to better understand what to expect.
Read Bitcoin [BTC] Price Prediction 2024-2025
According to our analysis, Bitcoin's Chaikin Money Flow (CMF) index has registered a decline. The coin's Money Flow Index (MFI) has also registered a similar decline.
These indicators suggested that investors may see a decline in the price of Bitcoin. However, the MACD indicator showed a bullish edge in the market, indicating a rise in the price in the coming days.
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