- BTC has risen nearly 10% in the past seven days.
- Buying pressure was high and indicators were bullish.
Bitcoin [BTC] Its value has finally gained upward momentum as it surpassed the $47,000 mark. Investors expected King Coin to reach new highs and this caused excitement in the community. Among them, major BTC indicators showed buy signals, suggesting that investors should consider accumulating.
Looking back at Bitcoin’s weekly trends
Bitcoin has successfully turned bullish again, turning the weekly and daily charts green.according to coin market capBTC has risen over 9.5% in the past 7 days.
In fact, in the past 24 hours alone, its value has skyrocketed by more than 3%. At the time of this writing, BTC was trading at $47,454.25 and had a market cap of over $931 billion. Thanks to the price hike, the coin’s social circulation has skyrocketed, meaning it has become more popular in recent times.
Additionally, bullish sentiment towards the coin has also increased recently, which was evident from the rise in the coin’s weighted sentiment.
Meanwhile, popular crypto analyst Ali recently posted a tweet highlighting important BTC indicators. According to the tweet, Supertrend has just flashed a buy signal on the Bitcoin monthly chart, a tool known for accurately predicting BTC bull markets.
— Ali (@ali_charts) February 8, 2024
Historically, since the inception of BTC, this indicator has provided 4 verified buy signals, resulting in gains of 169,172%, 9,900%, 3,680%, and 828%, respectively.
Therefore, AMBCrypo took a closer look at the state of BTC to understand if investors are starting to accumulate more BTC.
Bitcoin accumulation is on the rise again
Analysis of Santiment data clearly shows that investors are indeed buying BTC. While the king of cryptocurrencies’ supply on exchanges decreased last week, its off-exchange supply has increased, indicating high buying pressure.
Currency outflows also surged, further confirming the fact that buying pressure was high.
Since buying pressure was high and Bitcoin price action was bullish, we checked the daily cart to see if the uptrend continues. Analysis of BTC’s daily chart reveals that BTC’s Chaikin Money Flow (CMF) has risen sharply.
read Bitcoin’s [BTC] price prediction 2024-25
Its MACD also showed clear bullish dominance in the market. These indicators suggest that the upward price trend is likely to continue.
However, the Relative Strength Index (RSI) was about to enter the overbought zone. This could increase selling pressure on Bitcoin and end the bullish price action.