- At press time, Bitcoin was in overvalued territory.
- If there is a price correction, BTC could fall to $66,000.
Bitcoins [BTC] The price saw a sharp increase and was slowly moving towards $70,000 at press time. However, there is a possibility of a slight correction before another rally begins.
Therefore, AMBCrypto checked BTC’s metrics to find out if the price is due for a correction soon.
Bitcoin is heading towards $70,000
According to a tweet from Captain Faibik on March 9th, BTC could rise another 10% if it manages to cross the $69 mark.
To confirm this information, AMBCrypto checked the price of Bitcoin via CoinMarketCap. We found this BTC is up almost 2% in the last 24 hours.
At press time, BTC was trading at $69,515.98 and had a market cap of over $1.37 trillion.
However, AMBCrypto’s analysis also revealed that there is a possibility of a short-term price correction for BTC.
Things are looking bearish for Bitcoin
Notably, BTC's network value to transactions (NVT) ratio has risen sharply in recent days.
For the uninitiated, the NVT ratio is calculated by dividing the market cap by the transferred on-chain volume, measured in USD.
Whenever it rises, it indicates that the cryptocurrency in question is at a premium, indicating a possible correction.
Source: Glassnode
Some other metrics also looked bearish for the coin. Our look at CryptoQuant Data noted that BTC's aSORP was in the red at press time, meaning more investors were selling for a profit.
But in the middle of a bull market, it can indicate a market top.
Its binary CDD also showed bearish signals as the movements of long-term holders were above average in the last seven days. So if more long-term holders sell, it could damage BTC exponentially.
Source: CryptoQuant
To read Bitcoins [BTC] Price prediction 2024-25
If a price correction occurs, BTC could see strong short-term support near the $66,000-$65,000 level. Notably, the MACD showed that the bulls and the bears were in a battle at the time of writing.
The coin's 4-hour chart also indicated that its Relative Strength Index (RSI) was on the verge of entering the overbought zone. In this case, selling pressure could increase and the value of BTC could reach the support level.
Source: TradingView
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