Technical Indicators Suggest Bitcoin Market Bottom is Near

The total crypto market cap recovered over the weekend to reclaim $1 trillion, Bitcoin had been holding right over $21K but recently this morning has slipped right under

Technical Indicators Suggest Bitcoin Market Bottom Is Near

“In a report late last week, Glassnode noted that bitcoin and Ethereum have traded below their previous cycle peaks making this a ‘bear of historic proportions.’

On June 26, lead on-chain analyst at the firm, ‘Checkmate’, observed that bitcoin is trading below three indicators that have previously coalesced around bear market bottoms. These are the previously mentioned 200-week moving average, its Realized Price, and the 0.6 Mayer Multiple.

‘Such events in the past have only occurred for 13 out of 4,360, representing 0.2% of all trading days.’

PlanB, whose infamous stock-to-flow model is close to being invalidated, observed that a June monthly candle close below the 200-week moving average would be the first time ever this has happened.”


Master Asked on June 27, 2022 in Bitcoin.
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