- On the diagram, Bitcoin traded within a raised accumulation zone, which indicates a potential outbreak.
- However, there was a calm on the market, as BTC’s movements seemed to have subsided.
BTC has hardly made a significant movement over the weekend, with a current decrease of 0.29% and an earlier week movement of 0.03%.
However, activity during this period indicates that the market may be in a preparatory phase for a large upside, as investors collect access with long-term interest per ambcrypto analysis.
In particular, investors seemed to be careful about their holdings, unwilling to trade more BTC unless the market showed more positive clues.
Source: Cryptoquant
This was proven by the binary CDD (binary coin days destroyed) metric on cryptoquant.
Metrics allocate a value of 1, when long -term holders sell significantly and 0 when there is little or no activity from these holders.
At press time, the binary CDD has a reading of 0, which indicates that investors are likely to keep their long -term assets rather than selling at the current price.
Ambcrypto found that this market activity is reflected on the chart as an accumulation phase with greater upward potential.
US investors could press BTC to $ 99,500
At the time of writing, BTC is traded within an accumulation zone and moves back and forth within a converging support and resistance area called a rising channel.
At present, BTC is at the level of support for this channel, which historically provides a basis for large rally. If this level holds and acts as a catalyst, BTC could see a price jump of 15% to about $ 99,500.
Source: Tradingview
For this to happen, Haussearted Momentum must be kept and strong enough to break out of the pattern’s line of resistance.
If BTC cleans this resistance, it is likely to trend higher. However, failure to break out would lead to continued consolidation within the current range.
When investors are waiting for Bitcoin’s next movements with Bated Breath, the current feeling can be described exactly as the calm before the storm. Thus, it would be wise to follow the broader market movement.
Still, as always, it is best to dyor and be prepared for King Coin the next move.
