Will Bitcoin Start 2024 with a Price Correction?

BTC has fallen more than 1% over the past seven days.
Market indicators remained bearish for Kingcoin.

Bitcoin (BTC) price has recently been trending sideways as it failed to register gains. While that’s happening, new analysis has pointed to indicators that could spell trouble for BTC’s value in the future.
This dataset looks bearish on Bitcoin.
As we enter 2024, BTC’s price action remains sluggish. According to CoinMarketCap, BTC has fallen more than 1.7% over the past seven days. The daily chart also remained red.
At the time of this writing, BTC was trading at $42,653.65, with a market capitalization of over $835 billion. Trading volume also decreased during that period, meaning investors were reluctant to trade the coin.
While this is happening, CryptoQuant analyst and author BlitzzTrading has published his analysis of key BTC indicators.
In the analysis, we talked about Bitcoin’s Coinbase Premium, which is an indicator of the price of cryptocurrency assets on the cryptocurrency exchange Coinbase.
Source: CryptoQuant
An index typically calculates the price of a specific crypto asset on the Coinbase exchange compared to its price on other exchanges.
Bitcoin’s Coinbase premium has recently begun to enter negative territory. Historically, whenever such an event occurred, BTC experienced a price correction.
Therefore, AMBCrypto planned to closely examine the status of BTC at press time to determine whether a price correction was inevitable.
According to CryptoQuant’s data analysis, selling pressure on BTC has been high as BTC’s exchange reserves have increased.
aSORP was red. This means more investors are selling BTC at a profit. This usually indicates a market high.
Additionally, price action has been slow to move forward as derivatives investors continue to buy BTC, increasing the likelihood that the trend will continue.
Source: CryptoQuant
What to Expect from Bitcoin in 2024
Since most indicators looked bearish, AMBCrypto confirmed the liquidation level for BTC. We found that BTC was heavily selling around $43,800 after the price rally.
The liquidation triggered a price correction, sending BTC plummeting below $43,000 and trading sideways for the past seven days.
Source: Hiblock Capital

Read Bitcoin (BTC) Price Prediction for 2023-24

BTC’s MACD showed that bears were leading the market. Bollinger Bands indicated that the price of BTC has entered a pressure zone at press time, suggesting that unprecedented price increases are more likely in the near future.
Nonetheless, BTC’s Relative Strength Index (RSI) remained strong, registering a slight uptick from the neutral point.
Source: TradingView