Bitcoin hovered around $64,800 on Thursday, up approximately 1.2% over the past week, as buyers attempted to break above the $65,000 level. Analyst Ali Martinez identified a bullish divergence between BTC’s price and Net Capital Flows, a technical signal that had marked the previous cycle bottom before a rise from $15,000 to $126,000. The SuperTrend indicator also generated a buy signal, and Fidelity reported that its Yardstick metric had reached levels historically associated with undervaluation. However, Julio Moreno from CryptoQuant remains skeptical: the Estimated Leverage Ratio on Binance climbed to 0.22, its highest level in the current cycle, suggesting heightened sensitivity to price fluctuations and reminiscent of the unstable conditions seen during the 2022 downturn.
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