The post Should Bitcoin investors worry as BTC price chart turns red? appeared on BitcoinEthereumNews.com.

Journalist Posted: November 16, 2023 A bearish divergence was noted on a key BTC metric’s chart. BTC was down by 2%, and a few metrics were bearish. Bitcoin’s [BTC] price somewhat took a sideways path over the last seven days as it only moved marginally. The bad news was that a bearish divergence was noted on BTC’s graph, which suggested a drop in the king of cryptos’ price over the coming days. Bitcoin bears are taking over Over the last month, BTC registered a promising rally, allowing investors to earn profits. As reported earlier by AMBCrypto, 80% of Bitcoin addresses were in profit. This increase in profitable Bitcoin addresses may encourage holders to think about selling their holdings. An analysis of CryptoQuant’s data found that the possibility of investors selling BTC was becoming a reality. BTC’s exchange reserve was also increasing. Additionally, its net deposit on exchanges was high compared to the last seven-day average, meaning the selling pressure on the coin was high. Source: CryptoQuant The increase in selling pressure had a negative impact on the coin’s price. CoinMarketCap’s data pointed out that BTC’s price dropped by more than 2% in the last 24 hours. A bearish signal was BTC’s trading volume, which surged while its price dropped. At the time of writing, BTC was trading at $35,620.69 with a market capitalization of over $696 billion. Things could get even worse, as the latest data looked pretty bearish. Ali, a popular crypto analyst, recently posted a tweet highlighting the fact that a bearish divergence formed on BTC and its network growth’s chart. For starters, when Bitcoin’s price moves up but network growth slows down, it typically suggests a trend reversal. #Bitcoin | When $BTC price climbs, but network growth slows down, it’s a red flag. It suggests the uptrend…

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Filed under: News - @ November 15, 2023 10:12 pm