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- After a short trip above $64k, BTC once again fell under that level.\u00a0<\/span><\/em><\/li>\n
- A few market indicators suggested that BTC was overbought.\u00a0<\/span><\/em><\/li>\n<\/ul>\n
After crossing $64k on the 23rd of September, <\/span>Bitcoin [BTC]<\/span><\/a> has once again fallen under that mark. In the meantime, an analyst revealed that buying pressure on the coin has increased. Will this development have any major impact on BTC\u2019s price action?\u00a0<\/span><\/p>\n
People are again buying Bitcoin<\/b><\/h2>\n
After a lot of wait, BTC finally managed to cross the $64k barrier for a short duration. Though it fell under that mark again, the latest analysis suggested that buying pressure was high. <\/span><\/p>\n
Ali, a popular crypto analyst, recently posted a <\/span>tweet<\/span><\/a> revealing that investors were accumulating. This assessment was based on the wicks on BTC\u2019s monthly price chart.\u00a0<\/span><\/p>\n
![\"\"](\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Screenshot-2024-09-23-at-11.04.02\u202fAM.png\")
<\/a><\/p>\nSource: X<\/p>\n<\/div>\n
In fact, AMBCrypto\u2019s analysis of CryptoQuant\u2019s <\/span>data<\/span><\/a> also found a similar trend. According to our analysis, Bitcoin\u2019s net deposit on exchanges was lower compared to the last seven days\u2019s average. This clearly signaled that buying pressure on the king coin has increased. <\/span><\/p>\n
The miners were also willing to hold their coins as the BTC\u2019s Miners\u2019 Position Index (MPI) was green. Additionally, the Coinbase premium suggested that buying sentiment was strong among US investors. Generally, a rise in buying pressure results in a price hike.<\/span><\/p>\n
![\"Bitcoin's](\"image\/svg+xml,%3Csvg%20xmlns=\")
![\"Bitcoin's](\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Screenshot-2024-09-23-at-11.13.48\u202fAM.png\")
<\/a><\/p>\nSource: CryptoQuant<\/p>\n<\/div>\n
Will BTC\u2019s price rise again?<\/b><\/h2>\n
Though buying pressure on the coin was high, a few of the metrics suggested a price correction. For instance, our look at Glassnode\u2019s data revealed that BTC\u2019s NVT ratio increased sharply. <\/span><\/p>\n
A rise in the metric means that an asset is overvalued, which hints at a price correction.\u00a0<\/span><\/p>\n
![\"BTC's](\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/glassnode-studio_btc-network-value-to-transactions-ratio-nvt-2.png\")
<\/a><\/p>\nSource: Glassnode<\/p>\n<\/div>\n
Apart from that, AMBCrypto found that Bitcoin\u2019s Relative Strength Index (RSI) was in an overbought zone. The stochastic was also in the same zone, further increasing the chances of a price correction in the coming days.\u00a0<\/span><\/p>\n
![\"\"](\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Screenshot-2024-09-23-at-11.18.09\u202fAM.png\")
<\/a><\/p>\nSource: CryptoQuant<\/p>\n<\/div>\n
- A few market indicators suggested that BTC was overbought.\u00a0<\/span><\/em><\/li>\n<\/ul>\n
![\"\"](\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/BTCUSD_2024-09-23_11-22-37.png\")
<\/a><\/p>\n