Summary
TLDR: Bitcoin price is currently below $70,000 but on-chain metrics suggest a potential recovery. Factors like Reserve Risk indicator and Price DAA Divergence signal a bullish outlook, leading to a possible surge in BTC price in the next few days. However, resistance is expected at $71,370, and failure to breach $68,250 could lead to a drop to $65,300 or even $61,730. This analysis is for informational purposes only, and investors should conduct their own research before making financial decisions.
Key Points
1. Bitcoin price is currently stuck in the sub $70,000 range after marking an all-time high, but on-chain metrics suggest a potential upward movement.
2. The Reserve Risk indicator is in the green zone, indicating that long-term holders are likely to accumulate, signaling a recovery in sight.
3. The Price Daily Average Addresses (DAA) Divergence Indicator shows a potential “buy” signal, suggesting that investors may add BTC to their wallets, leading to a surge in price in the next few days.