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Journalist<\/p>\n<\/p><\/div>\n
Share this article<\/h4>\n<\/p><\/div>\n<\/p><\/div>\n\n\n- Bitcoin\u2019s Open Interest soared while its supply on exchanges dropped sharply<\/span><\/em><\/li>\n
- A price correction could push BTC down to $66k or even $62k<\/span><\/em><\/li>\n<\/ul>\n
Bitcoin [BTC]<\/span><\/a> has been on steady hike over the past week. In fact, its latest bull trend allowed the king coin to cross $68k on the price charts. However, the prevailing trend might change soon, albeit for a short while. <\/span><\/p>\nThis seemed to be the case, especially as a bearish divergence appeared on Bitcoin\u2019s price chart.\u00a0<\/span><\/p>\nBitcoins Bitcoin\u2019s major strengths<\/h2>\n
According to <\/span>CoinMarketCap<\/span><\/a>, the crypto\u2019s price appreciated by over 9% last week, allowing it to jump above $68k. AMBCrypto <\/span>reported<\/span><\/a> previously a few developments that could have played a major role in BTC\u2019s most-recent rally. <\/span><\/p>\nFor instance, Bitcoin\u2019s supply held on exchanges dropped to a 5-year low. This clearly meant that buying sentiment was dominant in the market \u2013 Hinting at a price hike.\u00a0<\/span><\/p>\nApart from that, AMBCrypto also <\/span>reported<\/span><\/a> how BTC\u2019s Open Interest soared. To be precise, Bitcoin\u2019s Open Interest hit a record $20 billion, just 8% below its ATH. Whenever the metric rises, it means that the chances of the ongoing price trend continuing are high. <\/span><\/p>\nSatoshi Club, a popular X handle that shares updates related to cryptos, recently posted a <\/span>tweet<\/span><\/a> highlighting yet another major development. According to the same, BTC\u2019s supply held by addresses that bought in the last 12 months is now at a 2-year high. This trend has accelerated recently on the back of ETFs seeing inflows of $2.1 billion over the last five days. <\/span><\/p>\nNonetheless, not everything has been working in the king coin\u2019s favor. Ali, a popular crypto analyst, shared a <\/span>tweet<\/span><\/a>, mentioning a bearish divergence. This indicated that there were chances of a short-term price correction here. Hence, it\u2019s worth taking a closer look at the current state of Bitcoin.\u00a0<\/span><\/p>\n\n![\"bitcoins](\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-19-at-10.22.52\u202fAM.png\")
<\/a><\/p>\nSource: X<\/p>\n<\/div>\n
Bitcoins Is a price correction inevitable?<\/h2>\n
AMBCrypto\u2019s analysis of CryptoQuant\u2019s <\/span>data<\/span><\/a> revealed quite a few interesting metrics. For instance, the king coin\u2019s binary CDD was green, meaning that long-term holders\u2019 movement in the last 7 days was lower than the average. They have a motive to hold their coins. <\/span><\/p>\nHowever, the aSORP suggested that more investors have been selling at a profit. In the middle of a bull market, it can indicate a market top. <\/span><\/p>\nMoreover, the NULP was also bearish, as it indicated that investors were in a belief phase where they were in a state of high unrealized profits.<\/span><\/p>\n\n![\"bitcoins](\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-19-at-10.58.25\u202fAM.png\")
<\/a><\/p>\nSource: CryptoQuant<\/p>\n<\/div>\n
Finally, we then took a look at Bitcoin\u2019s daily chart to find the possible support the coin might drop to in case of a price correction.\u00a0<\/span><\/p>\n
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- Bitcoin\u2019s Open Interest soared while its supply on exchanges dropped sharply<\/span><\/em><\/li>\n
- A price correction could push BTC down to $66k or even $62k<\/span><\/em><\/li>\n<\/ul>\n
Bitcoin [BTC]<\/span><\/a> has been on steady hike over the past week. In fact, its latest bull trend allowed the king coin to cross $68k on the price charts. However, the prevailing trend might change soon, albeit for a short while. <\/span><\/p>\n
This seemed to be the case, especially as a bearish divergence appeared on Bitcoin\u2019s price chart.\u00a0<\/span><\/p>\n
Bitcoins Bitcoin\u2019s major strengths<\/h2>\n
According to <\/span>CoinMarketCap<\/span><\/a>, the crypto\u2019s price appreciated by over 9% last week, allowing it to jump above $68k. AMBCrypto <\/span>reported<\/span><\/a> previously a few developments that could have played a major role in BTC\u2019s most-recent rally. <\/span><\/p>\n
For instance, Bitcoin\u2019s supply held on exchanges dropped to a 5-year low. This clearly meant that buying sentiment was dominant in the market \u2013 Hinting at a price hike.\u00a0<\/span><\/p>\n
Apart from that, AMBCrypto also <\/span>reported<\/span><\/a> how BTC\u2019s Open Interest soared. To be precise, Bitcoin\u2019s Open Interest hit a record $20 billion, just 8% below its ATH. Whenever the metric rises, it means that the chances of the ongoing price trend continuing are high. <\/span><\/p>\n
Satoshi Club, a popular X handle that shares updates related to cryptos, recently posted a <\/span>tweet<\/span><\/a> highlighting yet another major development. According to the same, BTC\u2019s supply held by addresses that bought in the last 12 months is now at a 2-year high. This trend has accelerated recently on the back of ETFs seeing inflows of $2.1 billion over the last five days. <\/span><\/p>\n
Nonetheless, not everything has been working in the king coin\u2019s favor. Ali, a popular crypto analyst, shared a <\/span>tweet<\/span><\/a>, mentioning a bearish divergence. This indicated that there were chances of a short-term price correction here. Hence, it\u2019s worth taking a closer look at the current state of Bitcoin.\u00a0<\/span><\/p>\n
\n<\/a><\/p>\nSource: X<\/p>\n<\/div>\n
Bitcoins Is a price correction inevitable?<\/h2>\n
AMBCrypto\u2019s analysis of CryptoQuant\u2019s <\/span>data<\/span><\/a> revealed quite a few interesting metrics. For instance, the king coin\u2019s binary CDD was green, meaning that long-term holders\u2019 movement in the last 7 days was lower than the average. They have a motive to hold their coins. <\/span><\/p>\n
However, the aSORP suggested that more investors have been selling at a profit. In the middle of a bull market, it can indicate a market top. <\/span><\/p>\n
Moreover, the NULP was also bearish, as it indicated that investors were in a belief phase where they were in a state of high unrealized profits.<\/span><\/p>\n
\n<\/a><\/p>\nSource: CryptoQuant<\/p>\n<\/div>\n
Finally, we then took a look at Bitcoin\u2019s daily chart to find the possible support the coin might drop to in case of a price correction.\u00a0<\/span><\/p>\n
\n - A price correction could push BTC down to $66k or even $62k<\/span><\/em><\/li>\n<\/ul>\n
![](\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/BTCUSD_2024-10-19_11-02-41.png\")
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