Bitcoin’s October Struggle to Hit $70,000

Bitcoin (BTC) prices have risen in the past 24 hours but are showing signs of caution, suggesting potential obstacles in reaching the $70,000 mark. This contrasts with investors’ expectations earlier this month.

Bitcoin’s price surged past $63,000 again, yet critical market indicators suggest that investors should heed these warning signals.

On-Chain Indicators Flash Caution

A key indicator for Bitcoin’s potential price correction is the Network Value to Transaction (NVT) ratio. This ratio shows whether the market cap is growing faster than transaction volume. An increase in NVT suggests the Bitcoin network may be overextended, hinting at a possible short-term price adjustment.

The Short-Term Holder Spent Output Profit Ratio (STH-SOPR) measures whether short-term investors are selling at a profit or a loss. Currently at 1, it indicates a balance between profit-taking and loss-selling, suggesting sideways movement.

Bitcoin Price Forecast: Potential Dip Below $60,000

Bitcoin’s current price is $62,856. The Money Flow Index (MFI), a measure of market buy/sell pressure, shows decreased capital inflow. If this continues, Bitcoin’s price might drop to $59,978. However, if investors start accumulating, it could rise to $66,527, possibly reaching $70,000.

Disclaimer: This price analysis article serves as reference only and should not be construed as financial or investment advice. Before making any financial decisions, please conduct your own research and consult professionals.

Sentiment: Neutral