Bitcoin bulls have “lots of work to do” as they attempt to claw back lost ground after two-month BTC price lows.While recovering up to 6.2% from this week’s lows, BTC/USD has not managed to break through key trendlines, data fromBitcoin saw a 23% pullback from all-time highs through April and into May, and so far, the odds of a return to BTC price discovery remain low.
An accompanying chart showed one of Material Indicators’ proprietary trading tools flashing green on daily timeframes. When the price returns to STH-RP — which occurred multiple times in recent weeks — it can act as solid support, as it did for much of the bull market since early 2023.
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