The post Exploring Bitcoin’s Price: On-Chain Analysis and the Latest Run Up appeared on BitcoinEthereumNews.com.

– Advertisement – CryptoSoulz believes that BTC’s price needs to retreat from this point and shares a tweet emphasizing Bitcoin’s on-chain analysis to support the prediction. Bitcoin’s price has recently managed to break through its major resistance level of $35,000 and tried to make a run to test the upper levels. The analyst also explains Bitcoin’s on-chain metrics. Bitcoin’s price has been in an uptrend since October, indicating that the overall market sentiment has been bullish. Bitcoin’s price has struggled to maintain its latest rally and dropped below $35,000: Could further decline be possible? Current on-chain data! Bitcoin Price Couldn’t Stay Above $35,000 Bitcoin’s price has gained nearly 30% in the past month, indicating a strong bullish sentiment in the crypto market. Additionally, Bitcoin’s dominance has increased to 52.8%, signifying increased accumulation for the leading cryptocurrency. CryptoSoulz believes that BTC’s price needs to retreat from this point and shares a tweet emphasizing Bitcoin’s on-chain analysis to support the prediction. The analyst highlights the next significant resistance level for the BTC price at $37,370 and predicts that the price is unlikely to test it soon, as the price recently had a brief stint around $36,000. After successfully breaking through the major resistance level of $35,000, Bitcoin’s price attempted a run to test the upper levels but the rally was short-lived due to a significant pullback by bears. This resulted in a long wick on the price chart, causing it to lose momentum and trade below $35,000 again. Bitcoin On-Chain Analysis MM’s SPOT was primarily seen in an uptrend, followed by Perpetual Futures contracts (PERPS) tracking the same trend. Additionally, the SPOT Orderbook (OB) was on the rise but then showed a decline. PERPS also followed the trend and displayed a decrease. The analyst assumes that if the $36,000 BTC price is…

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Filed under: News - @ November 5, 2023 12:12 am