posted more losses on Monday, 25th June, sliding to $58.6K during the intra-day trading session as market sentiment dropped., which recorded the 7th day of outflows totaling $174.45 million on Monday.
The negative sentiment has worsened with the pending BTC supply overhang from Mt. Gox, German authorities, and BTC miners.This begs the question: Is the crypto bull run over?As the market leader, BTC’s movement gauges the pace and state of the crypto bull run. Interestingly, historical evaluation of its RSI suggested more room for a bull run. RSI tracks buying and selling strength in the market., the RSI channel, which has accurately flashed the market top and bottom, was yet to flash a top as of this writing.From the chart, a retest of the RSI channel marked the bottom of the market, while a surge to the top range corresponded with the market’s top.
Still on the price charts, another market cycle analyst, Rekt Capital, also downplayed the recent BTC retracement fears. He‘The average retrace depth is -22%. The average retrace length is 42 days. This current pullback is -16% deep and 35 days long. This current retrace is not even an average one in depth nor length yet’Another on-chain data point also suggested the crypto bull run wasn’t over yet.
The Market Value to Realized Value Z score, which gauges the BTC market top and bottom from a long-term perspective, was also yet toTypical, the market top followed after the metric hit the value above 6 or the trending resistance.
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