Bitcoin faces a battle to preserve its bull market as Mt. Gox reimbursements spark the biggest liquidation cascade in years.This forms the floor of Bitcoin’s supertrend indicator on weekly timeframes — a foundation for price in place since mid-March’s
Supertrend employs average true range to create a “Supertend line,” which delineates buy and sell phases for BTC/USD. The pair has been above the supertrend line since the end of 2022, when Bitcoin’sSince 2016, BTC/USD has dipped 38% on multiple occasions, making the capitulation target $45,750. Commenting on the phenomenon, Adam Back, founder and CEO of Blockstream, criticized fickle market sentiment. Instead, he argued that hodlers should increase exposure to both Bitcoin and the stock of MicroStrategy, the firm with the“In fact if anything, recent draw-downs seem to be less deep, but people forget the normal bull market pattern. Don’t panic, buy the dip. or buy a bit of $CMSTR with BTC.”Mt.
“This pullback is -21% deep & 45 days long. In this cycle, average retrace depth is -22% & average retrace duration 42 days,” he “In terms of retrace depth, this is almost an average retrace. In terms of retrace duration, this is an above-average pullback.”Long-term, he added in a further X post alongside a comparative chart, BTC price history is “repeating as we speak.”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.
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