Here are the technical indicators of Bitcoin that show the possibility of its next price. Bitcoin is trading at $22,595.52 today, down 6.4% in the last 24 hours. The market cap is $431,908,748,229 with a trading volume of $42,085,900,711.
Relative Strength Index (RSI)
The Relative Strength Index is a moving indicator that shows whether a coin is trading in an oversold or overbought zone using a 14-day moving average. Oversold and overbought areas indicate an imminent price reversal/correction.
Bitcoin’s Relative Strength Index is at 56, indicating that it is neither trading in oversold nor overbought territory.
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Interchange netflow, inflow and outflow
Input is the number of coins entering an exchange, while output is the number of coins leaving an exchange. The net flow is the difference between the inflow and outflow.
Netflow = Inflow – Outflow
The one-day net bitcoin flow on the exchanges is at -2599.231 with an input of 26599.831 and an output of 29199.062. Netflow shows increased pressure on spot transactions and low volatility in derivative transactions.
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simple moving average (SMA)
A simple moving average is the average closing price of an asset over a given period.
Bitcoin is trading at $22,595.52, which is below the 200-day simple moving average, indicating bullish price movement.
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open interest (OI)
Open interest is the number of open positions (long and short) currently in trading pairs.
Bitcoin open interest is increasing, which means traders are opening trading positions. This movement provides liquidity, volatility and attention and supports the current price trend.
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Longs vs. Shorts
The Long/Short ratio compares the exchange’s active buying and selling volume and reflects the sentiment of the Bitcoin market.
Bitcoin’s long/short ratio is 0.9, indicating negative market sentiment.
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