According to the recent participation of X by Crypto Analyst Crypto Rover, the Bitcoin Bottom Plan (BTC) pulled a purchase signal, indicating that the leading cryptocurrency may be on a large upward move. However, the weak demand in the market can pose a risk to this bullish momentum.
Bitcoin Swot Schest Schemetage Signal Signal Sign
After reaching the highest new level ever (ATH) on May 22, BTC spent nearly a month unifying between $ 100,000 and $ 110,000, without showing a clear directional bias. Now, one of the most famous indicators-Bitcoin-Polater-Planning indicates the potential upward trend of the best digital assets.
Crypto Rover shared the next scheme, which currently displays BTC trading in The Light Green, or “Buy”, rainbow pattern area. Historically, Bitcoin often entered this region shortly in four years to half, indicating possible growth.
For beginners, the Bitcoin rainbow chart is a long -term evaluation tool that uses a Logaretmate growth curve with color ranges to show where the bitcoin price stands for historical trends. Each tape suggests different market coloring color, which helps investors determine the potential value areas or reduce value.
While the signal of a rainbow purchase is promising, the broader demand for BTC seems weak. In the QuickTake Cryptoquant post recently, the Darkfost shareholder indicated that the slow demand reduces the Bitcoin’s ability to get out.
Darkfost shared the following scheme, which compares the new BTC display to inactive metal currencies for more than a year – used to measure the apparent demand. When the ratio moves higher than scratch, it usually indicates strong demand in the market.
Since the last local summit in May, this clear demand scale has gradually decreased, although it is still sufficient to absorb the current sale pressure. In essence, while BTC managed to stay above the level of $ 100,000, the demand fades – a possible opposite wind.
However, some encouraging signs remain. In a separate X Publication, Merlijn’s encryption dealer pointed out attrition.
BTC Wyckff accumulated near the end?
TED PLUDS, Crypto Market, added that BTC may be in the final stage of Wyckoff. According to Ted, a decisive outbreak can send more than $ 110,000 to Bitcoin’s height to $ 130,000 “at any time”.
In general, Bitcoin continues to show a healthy technical structure, maintain support at $ 104,000. Also market opinion Noticeable after the US Federal Reserve meeting yesterday.
However, Bitcoin exchange is Starting To show signs of fatigue, while retail investors continue to stay on the margin. At the time of the press, BTC is trading at $ 104128, an increase of 0.2 % in the past 24 hours.
Distinctive image from Unsplash.com, charts from Cryptoquant, X, and TradingView.com
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