Analyzing Bitcoin Price Is it Bullish or Bearish Heres the Unveiled Data
Story Highlights
Bitcoin’s price reached an all-time high in March 2024, driven by buying pressure and institutional interest.
The market has experienced some selling pressure recently, but the long-term trend suggests a bullish outlook.
Bitcoin’s price is currently around $61,000, which is a significant increase from the beginning of the year.
The
Bitcoin market’s
journey in 2024 has been nothing short of fascinating. Characterized by intense buying and selling pressures, the year saw Bitcoin reaching an all-time high in March. By examining this journey with data-driven insights, we can gain a deeper understanding of the trends shaping Bitcoin’s performance. One key tool for this analysis is Bitcoin’s Spot Cumulative Volume Delta (CVD) data.
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Let’s dive deeper and use CVD to decode the hidden trends shaping Bitcoin’s performance.
What is Spot Cumulative Volume Delta?
Before diving into the analysis, let’s break down what Spot Cumulative Volume Delta is. In essence, it measures the net buying and selling pressure by tracking the cumulative difference between buy and sell volumes. A positive CVD value indicates a dominance of buying pressure, while a negative value points to selling pressure.
Early 2024: A Surge in Buying Pressure
As we analyze Bitcoin’s journey this year, the data reveals a notable trend. Early in 2024, a significant positive CVD indicated strong buying pressure, aligning with Bitcoin’s price peak in mid-March, when it reached an all-time high. This surge was largely driven by the launch of
Spot Bitcoin ETFs
and increased institutional interest.
Following the Bitcoin halving event, the CVD data shows fluctuating volumes with occasional spikes in buying activity. The market experienced substantial selling pressure in May and June, which likely contributed to the recent price corrections.
Long-Term Trends: Cyclical Patterns
To gain a clearer picture, let’s explore the long-term CVD chart. This chart highlights cyclical patterns of intense buying and selling activities that align with Bitcoin’s price cycles. For instance, the significant buying volumes in late 2020 and early 2021, followed by selling periods in 2022, demonstrate that Bitcoin’s market behavior follows a predictable cycle.
Current Price Trends
To get more clarity about the situation, it is pertinent to understand the present
Bitcoin price
trends. At present, the price of Bitcoin stands at $61,000.07. It marks a 1-year change of +98.8%. In the past 30 days, it has seen an 11.0% decline. Nearly a 6.8% drop has been observed in the last 14 days. In the past week, it has only seen a drop of 1%.
At the start of 2024, Bitcoin was priced around $44,168. A significant uptrend began in late January, peaking in mid-March when the price soared above $73,000. Since then, the price has been trading sideways, oscillating between $71,700 and $58,000. On June 5, the price was over $71,000, but it has since weakened considerably.
In the past week, Bitcoin’s price ranged between $62,900 and $60,000. On June 30, the daily chart showed a green candle with a closing price of approximately $62,500.
Despite short-term fluctuations, the CVD data, historical trends, and current price movements suggest a bullish long-term outlook for Bitcoin. The underlying buying pressure and growing institutional interest point to a positive future for the cryptocurrency.
Read Also :
Is Bitcoin Price Repeating A Warning Signal? No Confirmation Of Push Beyond $70k
Is Bitcoin due for another price surge? Let us know your predictions.
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Bitcoin
Price Analysis