Assessing the odds of Bitcoin touching $32,000 in the near term

Suzuki Shillsalot
Suzuki Shillsalot

18 Mar 2023 8:30 PM

A recent analysis revealed the possibility of BTC’s price touching $32,000. However, on-chain metrics suggested that BTC’s chart can head in any direction.  Bitcoin [BTC] continues to push its price upward and it even crossed the $27,000 mark recently. At press time, BTC was up 4.5% and was trading at $27,331.13 with a market capitalization of […]...

  • BTC's price has the possibility of reaching $32,000 according to recent analysis.
  • On-chain metrics suggest that BTC's chart can head in any direction.
  • BTC's price has been pushed upward and has crossed the $27,000 mark.
  • Profit transactions have more than doubled compared to loss transactions on the BTC network since Wednesday.
  • BTC's MVRV Ratio was considerably up, which was a bullish signal.
  • Negative sentiments around BTC also seemed to have declined.
  • BTC's Fear and Greed Index had a score of 64, indicating a bullish momentum.
  • BTC's exchange inflow was increasing, which was a bearish sign.
  • BTC's Relative Strength Index (RSI) was in an overbought position, increasing the chances of higher selling pressure in the coming days.

The article contains both positive and negative sentiments. Positive sentiments include the possibility of BTC reaching new highs, the increase in profit transactions, and the bullish signals from on-chain metrics. Negative sentiments include the increase in selling pressure due to BTC's exchange inflow and the overbought position of BTC's RSI.

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Related Questions

What is the possibility of BTC's price reaching $32,000 according to recent analysis?
How have profit transactions on the BTC network changed since Wednesday?
What is BTC's Fear and Greed Index score at press time?
What is the bearish sign mentioned in the article regarding BTC's exchange inflow?
What is the current position of BTC's Relative Strength Index (RSI)?

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