- Ali Charts recommends traders await a notable upswing in the total value of on-chain transfers before considering a full investment in BTC.
- A significant medium-term bearish technical flag was triggered on BTC’s daily chart.
- BTC saw its price decrease by about 0.29% over the past day which left it trading at $26,012.31.
Ali Charts stated in a tweet that he is awaiting a notable upswing in the total value of on-chain transfers before considering a full investment in Bitcoin (BTC). Monitoring the Bitcoin network’s on-chain activity, especially the value of coins transferred in USD, provides a valuable signal for anticipating larger market uptrends according to the analyst.
In the post Ali shared that throughout history, larger increases in this measure have frequently come before significant BTC bullish periods. This particular metric has been stabilizing over the last four months, which could be a good sign for the market leader.
Meanwhile, a significant medium-term bearish technical flag was triggered over the past week on BTC’s daily chart. At press time, the 9 and 20 EMA lines on BTC’s daily chart were positioned below the 100-day EMA line. This was after the 9 and 20 EMAs crossed below the longer technical indicator on 17 August 2023.
Daily chart for BTC/USDT (Source: TradingView)
If BTC’s price continues to fall in the coming few days, then it may retest the crucial support level at $24,200. A break below this mark may lead to BTC plummeting to $22,100 in the following 2 weeks.
This bearish thesis will be invalidated if BTC is able to close a daily candle above $26,915. In this scenario, the market leader’s price could climb towards the $30,070 threshold in the following 2 weeks.
With regards to the market leader’s 24 hour performance, CoinMarketCap indicated that BTC saw its price decrease by about 0.29%. This left the cryptocurrency king’s trading at $26,012.31, which was right between its daily low of $25,786.81 and its 24 hour high of $26,248.10.
Along with BTC’s price decrease, its 24 hour trading volume also dropped by more than 12%, which left it standing at $11,175,660,895. On the bright side, BTC’s price was able to slightly climb by 0.45% over the past week of trading.
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