Bitcoin (BTC) ATH Soon? Several Market Indicators and Metrics Hint at a Price Uptrend

Bitcoin bears continued to control the last month as Bitcoin’s [BTC] value dropped by over 3%. However, the coin was showing signs of recovery

output: As Bitcoin bears continued to maintain their grip over the last month, BTC’s value dropped by over 3%. However, the coin seemed to be recovering as it managed to slip above the $56k psychological resistance.

At press time, BTC was trading at $56,632.98 with a market capitalization of over $1.12 trillion.

Meanwhile, popular crypto analyst JAVON took to Twitter to share a bullish divergence on the king coin’s chart. The bullish divergence hinted at a possible price increase in the coming days.

The bullish divergence could also push BTC towards an all-time high.

Additionally, a CryptoQuant analysis hinted at a price rise. According to the analysis, BTC’s exchange reserve was dropping. At the same time, stablecoin supply increased, hinting at a bullish outlook for Bitcoin.

Source: X

Bitcoin’s ATH soon?

AMBCrypto checked several market indicators and metrics to see if they also hinted at a price uptick that could push Bitcoin to an ATH.

First, we checked the Bitcoin Rainbow Chart. According to our analysis, BTC’s rainbow chart showed that the coin’s price was in the “Basically a Fire Sale” zone.

Whenever the indicator hits this level, it suggests that investors should consider buying, as the chances of BTC’s price increasing in the coming days are high.

Source: Blockchaincenter

Next, we took a look at Glassnode’s data. According to our observation of the Pi Cycle Top indicator, BTC was trading far below its possible market bottom, which was at $62k.

So, if BTC bulls push hard, then it won’t be surprising to watch the coin at least touch that mark in the coming days.

Source: Glassnode

However, at the time of writing, Bitcoin’s fear and greed index was in the “greed” position. This suggested that there were chances of a price correction.

Hence, AMBCrypto checked the coin's daily chart to get a better understanding of what to expect.

Read Bitcoin’s [BTC] Price Prediction 2024–2025

According to our analysis, BTC's Chaikin Money Flow (CMF) registered a downtick. The coin's Money Flow Index (MFI) also registered a similar decline.

These indicators suggested that investors might witness BTC’s price to drop. However, the MACD displayed a bullish advantage in the market, which hinted at a price rise in the coming days.

Source: TradingView

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