However, the growth slowed down as the price of the cryptocurrency king only moved marginally in the last 48 hours. Does this hint at a new price correction?
$BTC price moved marginally in the last 48 hours. Metrics and indicators suggest #BTC could become volatile in the next seven days. Several investors speculate on a new bullish rally for Bitcoin as its price gained bullish momentum on May 3rd.
Is Bitcoin Really Bullish?
Moustache, a popular crypto analyst, recently tweeted highlighting some events hinting at a bullish upturn.
For the uninitiated, BTC price dipped below $61,000 on April 30th.
However, the king coin managed to surpass that mark, turning it into support and hinting at a new price increase.
The tweet highlighted that BTC rose after touching a key trendline. Historically, whenever BTC price bounced back after touching the trendline, its price sharply increased.
Furthermore, the Relative Strength Index (RSI) surpassed a descending wedge pattern. This indicated that the #RSI would increase, supporting the possibility of a bullish BTC run.
AMBCrypto's analysis of Glassnode data revealed another bullish signal. "We found that the Bitcoin reserve risk gained bullish momentum within the green zone". Every time this happened in the past, BTC price gained bullish momentum.
What to Expect from BTC
Although these aforementioned metrics seemed bullish, BTC price action did not correspond. According to CoinMarketCap, BTC price only moved marginally in the last 24 hours. However, investors should not lose hope yet, as some metrics suggest an increase in BTC volatility.
AMBCrypto's analysis of CryptoQuant data revealed that the net BTC deposit on exchanges was low compared to the average of the last seven days, suggesting low selling pressure.
The coin's Coinbase premium was also green, indicating that buying sentiment was dominant among US investors.
Some market indicators also suggested that BTC could become volatile in a northward direction in the next seven days.
In particular, the coin's Chaikin Money Flow (CMF) recorded a strong uptick. Its #MACD showed the possibility of a bullish crossover.
If BTC manages to become volatile next week, it will be crucial for the coin to surpass the $66.9k resistance level. A successful breakout above that level could allow BTC to reach $71,000.
If everything remains bullish, BTC may even surpass its all-time high in the coming days.
Sources: TradingView, CryptoQuant, Glassnode
