Bitcoin is experiencing sharp movements in the face of the tariff discussions between the US and China. At this point, it first fell sharply and fell to $91,000. Then, it experienced a recovery yesterday evening and rose above $100,000 again.
While BTC ($99,234.52) attracts attention with its sharp and volatile movements, blockchain analysis platform Lookonchain examined some indicators and analyzed whether Bitcoin is currently at its peak.
Accordingly, Lookonchain, which first used the Rainbow chart, said that the Bitcoin Rainbow chart shows that BTC can still rise and rise above $250,000 in this cycle.
Secondly, examining the frequently used RSI indicator, Lookonchain said that when compared with previous data, the RSI shows that BTC has not yet reached its peak.
Thirdly, the platform examined the 200-Week Moving Average Heat Map indicator. Accordingly, the 200-Week Moving Average Heat Map indicates that the Bitcoin price has not yet reached its peak.
Fourthly, analyzing the Cumulative Value Loss Days (CVDD) indicator, Lookonchain stated that the current level of this indicator also shows that BTC’s peak has not yet been reached.
Finally, examining the 2-Year MA Multiplier indicator, Lookonchain stated that Bitcoin has not touched the red line on the indicator and has not reached the top yet.
“Bitcoin price took a big drop yesterday!
Will it continue to rise from the peak or will it decline?
Let’s use 5 indicators to see if BTC is currently at the top: Rainbow Chart, RSI, 200-Week Moving Average Heatmap, Cumulative Days of Value Loss (CVDD), and 2-Year MA Multiplier.
The price of #Bitcoin experienced a major crash yesterday!
Will it continue to rise or fall from the top?
1/ Let’s use 5 indicators to see if $BTC is at its peak now. pic.twitter.com/dsx70fiyCM
— Lookonchain (@lookonchain) February 4, 2025
*This is not investment advice.
Continue Reading: Has Bitcoin Peaked, or Will the Rally Continue? Analysis Firm Explained, Talked About Price Expectations!
