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Bitcoin Maps Similar Market Structure from June 2021 Bottom (BTC Price Analysis)


As bitcoin recovers from its massive 50% crash since hitting the ATH in November 2021, the onchain and technical indicator is lacking strong momentum and showing signs of a bull-run renewal. The market structure is similar to the June-July 2021 bottom, and without a catalyst, bitcoin is likely to trade sideways in the medium term. Technical Analysis By: Grizzley Long Term: The Daily On the daily timeframe, examining historical data from the previous two market corrections, the trend reversed after the 14-day RSI (marked by yellow vertical lines) broke above the SMA-200 line . Also, the beginning of the downtrend is associated with breaking below this long-term moving average line marked by red vertical lines. Therefore, if history repeats itself, a possible medium-term cross could offer traders a better chance of re-entering the market. Short term: The 4-hour Bitcoin on the 4-hour time frame has been struggling with the same downward trendline since touching the ATH. So far, the award has been rejected by her. The intersection of this downtrend and the static resistance at $40K is a critical area to overcome in order for the uptrend to continue. Breaking above this area could mean the bulls return to the market. Onchain Analysis By: CryptoVizArt Net Unrealized Loss (ZERO) shows the aggregated value of UTXOs in a loss divided by market cap. A rising trend in value means that more investors are starting to lose money, which could indicate a possible bottom. Since touching $33K a week ago, this metric has fluctuated in the 0.1-0.17 range, which is similar to the same structure the market had seen in the second quarter 2021 bottom that was reached in June. Based on this statistic, one possible scenario is a medium-term sideways hiccup. SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and get $100 Free and 10% Off Fees on Binance Futures First Month (Terms and Conditions). PrimeXBT Special Offer: Use this link to register and enter POTATO50 code to get 25% off trading fees. Disclaimer: Information on CryptoPotato is that of quoted writers. It does not represent CryptoPotato’s views on buying, selling or holding any investments. You are advised to do your own research before making any investment decisions. Use information provided at your own risk. See Disclaimer for more information. Cryptocurrency Charts by TradingView.
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