• BTC’s price moved marginally in the last 24 hours. 
• Market indicators looked bearish on the coin.

Bitcoin’s [BTC] price has been in a consolidation phase for the last few days, as it was sticking near the $70k mark. In fact, there were chances of BTC falling near the $60k zone in the short term. If that happens, then it would be the right opportunity for investors to stockpile. 

Is Bitcoin under threat?

AMBCrypto reported earlier that BTC’s price was in a consolidation phase and was moving in between $60k and its ATH. Our analysis of IntoTheBlock’s data revealed that more than 97% of BTC holders were in profit. At first glance, this might look optimistic, but in reality, it can cause trouble.

When such a high number of investors are in profit, they often sell their holdings to take an exit with the cash, which increases selling pressure. When we checked CryptoQuant’s data, it was found that BTC’s aSORP was red.

This meant that more investors are selling at a profit. In the middle of a bull market, it can indicate a market top, hinting at a price decline.

According to CoinMarketCap, BTC’s price moved marginally in the last 24 hours and, at press time, was trading at $70,446

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Author: Dipayan Mitra

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