Bitcoin (BTC) Secret Bull Move Might Push It Up Again in the Coming Days

Bitcoin [BTC] has been facing trouble in the last few days as the coin’s price fell under $64k. But investors shouldn’t lose hope, as the king coin might have a plan that can push it up again in the coming days.

Bitcoin [BTC] has had a rough few days with its price dropping below the $64k mark. However, investors should not despair as the king coin may have a plan that could propel it back up in the upcoming days.

Bitcoin’s secret bull move

BTC has seen a lot of volatility over the past few days as the coin has once again dropped below the $64k mark.

At the time of writing, the king coin was trading at $63,952.64 with a market capitalization of over $1.2 trillion. But the coin may just have a trick up its sleeve, which could push it to new highs in the upcoming week.

CryptoQuant recently put out a tweet where it noted that it was observed that low exchange flow multiple values were seen before the rally in 2023. The tweet added,

“The current indicator levels are similarly low, which could signal that the market is preparing for the next upward trend.”

To that end, AMBCrypto took a closer look at market sentiment to see if a price uptick was on its way.

Is BTC set for a price hike?

According to our analysis of CryptoQuant’s data, BTC’s Exchange Reserve was dropping. This indicated that buying pressure on the king coin was rising. Whenever buying pressure increases, it hints at a price rise.

Moreover, Bitcoin’s Binary CDD also looked quite bullish. This indicated that long term holders’ movement in the last seven days were lower than the average. They have a motive to hold their coins.

Additionally, miners were also holding onto their coins, as evidenced by the Miners’ Position Index (MPI), which showed that miners were selling holdings in a moderate range compared to its one-year average.

Since the on-chain metrics were looking quite bullish, AMBCrypto took a glance at Bitcoin’s daily chart. According to our analysis, BTC was failing to climb past its crucial resistance of $65k.

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

This rejection might be the reason behind BTC consolidating and attempting to approach the resistance once more.

In the event of a bullish breakout, then it would not be surprising to see Bitcoin heading towards the $73k price mark. A surge past that level would open up the possibility of the king coin reaching a new all-time high in the upcoming weeks or months.

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