Bullish: Bitcoin Charts Similar Market Structure As of June 2021's Bottom (BTC Price Analysis)

The market structure is similar to 2021’s Jun – July bottom, and without a catalyst, a likely case for bitcoin is to be traded sideways in the mid-term.On the daily timeframe, by examining historical data of the previous two market corrections, the trend was reversed after the 14-Day RSI broke above the SMA- 200 line.

Also, the beginning of the downtrend has been associated with breaking below this long-term moving average line, marked by red vertical lines. Therefore, if history repeats itself, a possible crossing in the mid-term can provide a better opportunity for traders to rejoin the market.Bitcoin on the 4-hour timeframe is struggling with the same downtrend line since touching the ATH. So far, the price has been rejected by it.

The intersection of this downtrend and the static resistance at $40K is a critical area to overcome in order to continue the uptrend. Breaking above this area could signify that the bulls are returning to the market.The Net Unrealized Loss shows the aggregated value of UTXOs in a loss, divided by market cap. An increasing trend in value means that more investors are starting to be at a loss, which might indicate a possible bottom.

Since touching $33K a week ago, this metric has fluctuated in the 0.1 – 0.17 range, resembling the same structure that the market had seen in 2021 Q2’s bottom reached in June. Based on this metric, a possible scenario is a sideways chopping over the mid-term.

Coin Coin Latest News, Coin Coin Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

40,785 BTC Transferred as Bitcoin Reaches $39,000, A Historically Strong Sign for Price⬆ +13 40,785 BTC Transferred as Bitcoin Reaches $39,000, A Historically Strong Sign for Price $BTC bitcoin
Source: CryptoPanicCom - 🏆 563. / 51 Read more »

40,785 BTC Transferred as Bitcoin Reaches $39,000, A Historically Strong Sign for PriceBitcoin hits $39,000, 'a historically good sign for price,' after transfer of 40,785 $BTC BTC crypto
Source: Utoday_en - 🏆 295. / 63 Read more »

Bitcoin price down 20% so far in 2022 after worst January since 2018A January to forget for Bitcoin. BTC is down 20% since the beginning of the year after suffering its first red January since 2018. Hey everyone, Have you heard about xflokiverse ? The hottest $Dog in Metaverse? Come on, Don't miss it! It is going to moon 🌝🌝🌝 very soon. Check it out! XRPL XRP XRPCommunity Welcome to the community new Bitcoiners. Make sure you follow TarellaCampbel She understand Bitcoin and have an unflinching optimism about it. She's high conviction and mock FUD. “Everything is good for Bitcoin.” The year that Nekoust shows from its first month The first year of the year was very bad. I hope this misfortune does not affect investors until the end of the year.
Source: Cointelegraph - 🏆 562. / 51 Read more »

US crypto executive order looms — 5 things to watch in Bitcoin this weekBitcoin squares up to stocks and regulators as BTC price action fails to impress. Thanks for the article, I try to constantly follow the news about bitcoin! Guess what I found out? photo_chromic is offering excellent tools supported by the blockchain and all the NFT ideology to ensure people are in control of their personal information. $PHCR Photochromic NFT cryptocurrency blockchain digitalidentity
Source: Cointelegraph - 🏆 562. / 51 Read more »