Is Bitcoin in danger of falling to $66K?

• Bitcoin was within the overvalued zone at press time. 
• If a worth correction happens, BTC may plummet to $66K. 

Bitcoin’s [BTC] worth registered a pointy uptick, inflicting it to inch in direction of $70K at press time. Nevertheless, there’s a chance of a slight correction earlier than the beginning of one other rally.

So, AMBCrypto checked BTC’s metrics to search out whether or not its worth will face a correction quickly. 

Bitcoin’s heads in direction of $70K

In response to a tweet by Captain Faibik on the ninth of March, BTC may rise one other 10% if it manages to cross the $69 mark.

To corroborate this info, AMBCrypto checked Bitcoin’s worth by way of CoinMarketCap. We discovered that BTC was up by practically 2% within the final 24 hours.

At press time, BTC was buying and selling at $69,515.98 with a market capitalization of over $1.37 trillion.

Nevertheless, AMBCrypto’s evaluation additionally revealed that there have been probabilities of BTC witnessing a worth correction within the brief time period. 

Issues look bearish for Bitcoin 

Notably, BTC’s Community Worth to Transactions (NVT) ratio registered a pointy uptick in the previous couple of days.

For the uninitiated, the NVT ratio is computed by dividing the market cap by the transferred on-chain quantity, measured in USD.

Each time it rises, it means that the cryptocurrency in query is priced at a premium, hinting at a attainable correction. 

Supply: Glassnode

Just a few different metrics additionally seemed bearish on the coin. Our have a look at CryptoQuant’s data identified that BTC’s aSORP was within the purple at press time, that means that extra buyers are promoting at a revenue.

However in the course of a bull market, it may possibly point out a market prime.

Its Binary CDD was additionally displaying bearish alerts, as long-term holders’ actions within the final seven days had been larger than common. So, if extra long-term holders are promoting, it may hurt BTC exponentially.

Supply: CryptoQuant

Learn Bitcoin’s [BTC] Worth Prediction 2024-25

If a worth correction occurs, BTC may witness robust short-term help close to the $66k-$65k mark. Notably, the MACD displayed that the bulls and the bears had been in a battle on the time of writing.

The coin’s 4-hour chart additionally identified that its Relative Energy Index (RSI) was about to enter the overbought zone. If that occurs, promoting stress may improve, and BTC’s worth may contact its help. 

Supply: TradingView