The long-awaited voyage of Bitcoin [BTC] to $30,000 was greeted with some resistance, with the king of cryptocurrencies trading at $27,997 at press time. According to CoinMarketCap statistics, BTC has declined by 0.59% in the previous 24 hours and by 0.08% in the last seven days.
However, the mining difficulty of BTC has shifted in a new direction. According to Glassnode, an on-chain intelligence tool, BTC’s mining difficulty achieved an all-time high on April 6.
In addition to the previously cited data, BTC’s miner to exchange flow reached a three-month low on April 6.
According to fresh statistics from the Twitter account glassnodealerts, BTC’s adjusted Output Profit Ration (aSOPR) has surpassed one. This meant that at the time of writing, investors were in a lucrative position. In the absence of a positive trend, however, this might indicate a market top for the king currency.
The data provided above was also supported by BaroVirutal, a CryptoQuant research boutique. According to BaroVirtual’s research, despite BTC’s shift to a bullish attitude, a short-term price drop is possible. However, if there is a larger optimistic feeling in the market, the price correction may be delayed.
Furthermore, according to CryptoQuant statistics, BTC’s exchange reserve has been gradually declining over the previous seven days. This might be interpreted as a sign of less selling pressure in the market. However, BTC’s exchange netflow was not in a strong position. This was due to net deposits exceeding net withdrawals, indicating the possibility of further selling pressure in the days ahead.
Since 5 April, BTC’s Market Value to Realized Value (MVRV) has been hovering at 1.42. Because there is no distinct upward or downward trend, the market might swing in either direction during the next several days.
If all of the preceding indications weren’t confusing enough, BTC’s Relative Strength Index (RSI) didn’t appear to be moving in a clear rising or downward direction at the time of writing. Instead, the RSI drifted laterally and settled at 59, just over the 50 threshold. Furthermore, the Awesome Oscillator (AO) remained above the zero line while flashing red bars. On the charts, this might be interpreted as an indication of a possible price correction.
 Furthermore, at the time of publication, the Bollinger Bands were seen moving in a contracted condition following what appeared to be an expansion.
So, which way would BTC go? It appears to be a question of time. Meanwhile, investors looking for a clear buy or sell signal should exercise caution.
