Fun

3 reasons why Bitcoin analysts believe BTC price recovery is overdue

News Feed - 2024-06-15 03:06:00

Nancy Lubale5 hours ago3 reasons why Bitcoin analysts believe BTC price recovery is overdueBitcoin price data strongly suggests that the current BTC price correction is a buy-the-dip opportunity.5040 Total views17 Total sharesListen to article 0:00Market AnalysisOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin (BTC) price is down 6.5% over the last seven days and currently trades 10% below itsall-time high of $73,835 reached on March 14.BTC/USD daily chart. Source:TradingView


Despite this performance, the technical setup, positive investor interest and onchain data make Bitcoin analysts believe that a trend reversal into an exponential uptrend could be in the making.Bitcoin price holds above key support areas


Data fromCointelegraph Markets Pro andTradingView shows Bitcoin price oscillating between $58,000 and $72,000 for over ten weeks since turning away from new all-time highs.


Bitcoin’s weekly chart shows the current price range is retesting a zone that posed a stiff resistance when the BTC hit previous all-time highs, as observed by popular analyst Rekt Capital.


According to Rekt Capital, this area is now supporting BTC since the ongoing sell-off has not substantially pulled the price below this range.“Bitcoin has successfully retested the black Mid-Range as support (~$66,000) on the recent pullback. Any downside volatility below black is bonus territory.”BTC/USD weekly chart. Source:Rekt Capital


Fellow analyst Moustache made the same observation, sharing a BTC/USD three-week chart showing that the price was trading at a level just above the 0.5 line (MZ BTC Bottom-Indicator).


This indicator uses the Elliot Wave Oscillator Methodology applied on “BTC Golden Bottom with Adaptive Moving Average” and Relative Strength Index of Resulted EVO to form an Oscillator to detect trend health in Bitcoin price.


According to Moustache, BTC price has retested this line only three times in the past—in 2012, 2017 and 2020. In those cases, previous all-time highs supported Bitcoin’s price, after which the coin went on a parabolic uptrend, hitting new record highs.“In 2012, 2017 and 2020, this was the start signal for the most euphoric time in crypto.”BTC/USD three-week chart. Source:Moustache


In earlier X post on June 12, Moustache commented on a similar set-up the BBWP indicator, saying that BTC was going to experience high after retesting the line.“We’re talking about a volatility indicator here. Above the EMA 20-Line, it has always been bullish so far.”High crowd buying interest backs Bitcoin’s potential upside


Responding to the market’s drawdown over the last few days, Bitcoin investors felt it was time to take advantage of the entry into local dips and buy more BTC in the dips, according to market intelligence firm Santiment.


The analytics firm noted that Bitcoin’s latest drop below $67,000 on June 13 resulted in the second-largest “spike in crowd $BTC buying interest in the past two months.”


In a June 14 post on the X social platform, Santiment said,“Interest in Buying Bitcoin surges, while selling interest stays dormant after a dip to $66.6K.”“Buy BTC” vs. “sell BTC” mentions. Source: Santiment


This means retail investors are showing signs of confidence as they believe that the latest price drops were not “warranted, and buy in hopes of a quick recovery.”


Additional data from Alternative, a platform that analyzes “emotions and sentiments” around Bitcoin, shows that the Crypto Fear and Greed Index is in the “greed” zone at 74, up from 70 on June 13 and last month’s 64.Crypto Fear and Greed Index. Source: Alternative. me


Overall, this is a positive sign, as positive social sentiment signals a bullish outlook among different cohorts of investors.


Related:Can Bitcoin whales protect BTC price from new $48K downside target?Declining Bitcoin balance on exchanges


Data from onchain metrics analytics firm CryptoQuant shows that BTC balance on exchanges reached a five-year low of 2.822 million BTC after dropping 3.6% over the last 30 days.BTC reserve on exchanges. Source: CrytoQuant


Decreasing BTC balances on exchanges simply means investors could be withdrawing their tokens into self-custody wallets, indicating a lack of intention to sell in anticipation of a future price increase.


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Cryptocurrencies# Bitcoin Price# Price Analysis# Market AnalysisAdd reaction

News Feed

Cardano Slips to 5th-Largest Crypto Market Position — ADA Down 30% Since All-Time High Last Month
Cardano Slips to 5th-Largest Crypto Market Position — ADA Down 30% Since All-Time High Last Month During the second week of October, bitcoin market values have maintained prices
Report: Constitutional Court Says Central African Republic’s Sango-Coin-for-Citizenship Scheme Is Illegal
Report: Constitutional Court Says Central African Republic"s Sango-Coin-for-Citizenship Scheme Is Illegal A constitutional court in the Central African Republic has reportedly rule
Goldbugs renew mocking Bitcoin as the yellow metal hits all-time high
Martin Young2 hours agoGoldbugs renew mocking Bitcoin as the yellow metal hits all-time highGold investors are taking swipes at Bitcoin following a new all-time high for the precious metal.928 Total views24 Total sharesL
Input-Output Global Devs Reveal Cardano’s Vasil Hard Fork Is Scheduled for September 22
Input-Output Global Devs Reveal Cardano"s Vasil Hard Fork Is Scheduled for September 22 While The Merge is expected to take place in just over ten days’ time, Cardano’
Market Update: Bulls Return, 120 Million Tethers Minted, Bitcoin Halving Looms
Market Update: Bulls Return, 120 Million Tethers Minted, Bitcoin Halving Looms On March 20, cryptocurrencies jumped in value erasing some of the losses that took place over the c
Ethereum could fall 30% after spot ETH ETFs launch — Crypto VC
Brayden Lindrea3 hours agoEthereum could fall 30% after spot ETH ETFs launch — Crypto VCMechanism Capital’s Andrew Kang believes an Ether ETF would provide limited upside for the asset unless Ethereum “develops a c
XBOW automated AI hacker matches 20-year veteran pentester in 28 minutes
Martin Young2 hours agoXBOW automated AI hacker matches 20-year veteran pentester in 28 minutesAn AI-powered penetration tester solved 88 out of 104 benchmark tests in 28 minutes. It took the best pentester in the experi
ChatGPT can write smart contracts; just don’t use it as a security auditor
Tristan Greene11 hours agoChatGPT can write smart contracts; just don’t use it as a security auditorResearchers from Salus Security tested GPT-4 and other artificial intelligence systems’ ability to detect seven comm
Centric Completes Migration to Binance Smart Chain
Centric Completes Migration to Binance Smart Chain press release PRESS RELEASE. After two-and-a-half years on the TRON blockchain, cryptocurrency project Centric
Over 70% of hacked funds are lost to CeFi entities — Cyvers
Zoltan Vardai16 minutes agoOver 70% of hacked funds are lost to CeFi entities — CyversReal-time threat detection and AI integrations could further bolster Web3 security, according to the CEO of Cyvers.122 Total viewsL
Major XRP Accumulation Alert: Wallets Holding Over 10,000 Coins Cross 300,000
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Co-Founder of Zimbabwean Fintech Startup: ‘Everyone Has a Right to Access Funds and Financial Freedom’
Co-Founder of Zimbabwean Fintech Startup: "Everyone Has a Right to Access Funds and Financial Freedom" Cryptocurrencies have been proven to be a financial tool that can be used to