BTC Price Bounces After Snap Sell-off
Bitcoin (BTC) is showing signs of a fresh bull run as its price strength leads to 7% daily gains. The latest data suggests that this upward momentum may continue as on-chain metrics reset.
Profit-taking Surges as BTC Price Hits 19-Month Highs
According to Philip Swift, creator of statistics resource Look Into Bitcoin, profit-taking has surged as BTC/USD reached its latest 19-month highs. The Value Days Destroyed (VDD) Multiple metric, which measures Bitcoin selling activity at a given price point, hit its highest level since May 2021 on December 11.
Short-term BTC Price Action Points to Key Resistance
Analysts believe that Bitcoin's short-term price action indicates the potential for further progress towards key resistance near $50,000. The relative strength index (RSI) on daily timeframes has printed a bullish divergence with price, suggesting a positive outlook.
Inflows into Bitcoin and Ethereum Increase
Popular social media commentator Ali has observed a return of significant inflows into both Bitcoin and Ethereum. This trend mirrors the conditions seen in late 2020 when BTC/USD broke beyond $20,000 and entered price discovery.
Bullish Prognoses for BTC Price
Various commentators are optimistic about the future of Bitcoin's price. They predict that Bitcoin will overcome the $42K-$45K channel by the end of the coming week, with no major resistances until $63K.
Please note that this article does not provide investment advice or recommendations. Readers should conduct their own research before making any investment or trading decisions.
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