The post Bitcoin: Best time to ‘Buy the Dip’? BTC’s fall below $57K says… appeared on BitcoinEthereumNews.com.

Journalist Posted: September 4, 2024 The number of long positions in the Bitcoin market increased.  The Rainbow Chart pointed out that BTC’s price was considerably less than it should be.  Bitcoin [BTC] remained bearish, as the king coin was trading under $57k at press time. While this initially looked disastrous, for savvy investors, this might as well be a right opportunity to buy the dip. According to CoinMarketCap, BTC’s price dropped by more than 3% in the last seven days. In the last 24 hours alone, the king coin witnessed a nearly 4% price fall. At the time of writing, BTC was trading at $56,760.06, with a market capitalization of over $1.12 trillion. Should you buy Bitcoion’s dip? Meanwhile, Ali, a popular crypto analyst, posted a tweet revealing a bullish development. Top BTC traders on Binance showed a slight bullish tilt, with 51.79% investors holding long positions on BTC. Generally, a rise in the number of long positions in the market hint at an increase in bullish sentiment around an asset. Therefore, AMBCrypto planned to have a deep look at BTC’s state to find out whether investors should consider buying the dip. Our look at Glassnode’s data revealed that BTC was trading well below its possible market bottom. As per the Pi Cycle Top indicator, BTC’s possible market bottom was at $58.9k. This suggested that BTC could move towards $58.9k in the coming days.  Source: Glassnode Assessing BTC’s road ahead  Since BTC was trading well below its market bottom, AMBCrypto checked other datasets to find out whether this was the right time to accumulate. According to the Bitcoin Rainbow Chart, BTC’s price was in the “Basically a Fire Sale” zone. This meant that BTC’s current price was considerably lower than what it should be, revealing a great opportunity for accumulation.…

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Filed under: News - @ September 4, 2024 11:28 am