The post Bitcoin’s road to $68K – Traders, watch out for these ongoing trends! appeared on BitcoinEthereumNews.com.

BTC’s NVT ratio indicated that it was undervalued on the charts A few metrics were bearish, hinting at a drop towards $57k Bitcoin [BTC] investors, at press time, were having a good time as the king of cryptos’ price action once again turned bullish. The latest BTC price uptick also pushed a key indicator into the bull zone. Hence, it’s worth taking a closer look at the crypto’s current state to see how long bulls can sustain this new uptrend.  Bitcoin turns bullish again Bitcoin crossed the $61k-level on 23 August and since then, sentiment around the coin has been bullish. In fact, the crypto was fast approaching $65k. According to CoinMarketCap, for instance, its price has appreciated by more than 5% in the last 24 hours. At the time of writing, BTC was trading at $64,276.61 with a market capitalization of over $1.26 trillion. Thanks to this price hike, nearly 86% of BTC investors were in profit. Source: IntoTheBlock That’s not all though. Ali, a popular crypto analyst, recently shared a tweet revealing a bullish development. According to the same, since early August, the BTC bull-bear market indicator has been oscillating between bearish and bullish. Now, it has switched back to bullish again. This means that BTC’s latest upswing might continue further.  Source: X BTC’s upcoming targets Since the aforementioned indicator turned bullish, AMBCrypto checked other datasets to find out how likely it is for the king coin to remain bullish. Our analysis of Glassnode’s data revealed that BTC’s NVT ratio registered a sharp decline. A drop in this metric means that an asset is undervalued, indicating a price hike on the horizon.  Source: Glassnode Additionally, as per CryptoQuant’s data, BTC’s net deposit on exchanges was low compared to the last seven-day average, hinting at a drop in selling…

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Filed under: News - @ August 24, 2024 11:02 pm