- Sell-side risk ratio for Bitcoin nearing record lows.
- Significant market shifts may be imminent.
- BTC’s technical indicators display a bearish outlook.
According to the lead on-chain analyst for Glassnode, _Checkmate, the sell-side risk ratio for Bitcoin (BTC) is nearing record lows. This suggests that investors are hesitant to part with either profitable or unprofitable coins within the current price range. _Checkmate shared this insight in a tweet earlier today.
According to the analyst, the ratio typically hits rock bottom when buyers and sellers are depleted, indicating that significant market shifts may be imminent. This could be a welcome short-term bullish signal for the crypto industry, which experienced a 2.04% decline in market capitalization over the last 24 hours, as reported by CoinMarketCap, bringing the total to $1.12 trillion.
The foremost cryptocurrency, BTC, is valued at $26,750.13, reflecting a 2.36% decline in the last 24 hours. This unfavorable trend has also caused a shift in its weekly price performance, resulting in a 0.77% drop over the past 7 days.
Bitcoin’s price surged to a daily high of $27,386.99 but has since dipped below the crucial $27K threshold, hitting a 24-hour low of $26,694.43. Despite this setback, the market leader remains precarious, with its price hovering dangerously close to the daily low.
Currently, the technical indicators on BTC’s daily chart display a bearish outlook. The 9-day EMA line is currently trading below the 20-day EMA line, while the daily RSI line appears to be on the verge of crossing bearishly below the daily RSI SMA line. If the daily RSI line does indeed cross below the daily RSI SMA line within the next 48 hours, BTC’s price may experience a drop to $25,450 in the coming days. These indicators suggest that a cautious approach may be warranted for those considering an investment in BTC.
In contrast, if the daily RSI line maintains its position above the daily RSI SMA line for the next 48 hours, we can expect BTC to make a valiant effort to surpass the 9-day and 20-day EMA lines. In such a scenario, we anticipate a climb in BTC’s value to reach $28,200 within the upcoming days.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
