Bitcoin’s [BTC] price action shifted a gear down as it was close to touching $61k at press time. However, there may be more...
price action shifted a gear down as it was close to touching $61k at press time. However, there may be more to the story here as several investors have used this opportunity to accumulate more BTC.revealed that BTC witnessed a major price correction last week as its value dropped by over 9%. In the last 24 hours alone, BTC’s value declined by more than 4%. At press time, the crypto was trading at $61,727.17 with a market capitalization of over $1.22 trillion.revealing an interesting development.
As per the analysis, between April and May, accumulation addresses reduced the absorption of coins. On the contrary, from June onwards, this dynamic returned to the market.“Recently, these addresses accumulated around 72.5 thousand BTC and in the last 30 days, they saw daily inflows of 12.5 thousand BTC. If this trend continues, it could positively influence market prices.”to find out whether buying pressure was overall dominant in the market.
Its binary CDD was greed, which suggested that long-term holders’ movement in the last 7 days was lower than the average. They have a motive to hold their coins. Apart from this, BTC’s Korea Premium revealed that buying sentiment was strong among Korean investors.Since accumulation was high, AMBCrypto checked BTC’s daily chart to see whether it might be preparing for a trend reversal.
However, both its Money Flow Index and Chaikin Money Flow registered downticks, suggesting that BTC might continue to remain bearish.If the downturn continues, then it won’t be surprising to see Bitcoin drop to $60k in the coming days. Nonetheless, in the event of a trend reversal, BTC might first reclaim $67k.Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry.
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