Was the bulls taken on the assembly or more landfill on the horizon of the BTC Price Rall
The market feeling fell to 20 for the first time in modern memory, indicating fear. Moreover, ETFS has seen a significant flow of more than one billion dollars, as Blackrock recorded more than $ 418 million or 4200 BTC-the largest flow. This led to the withdrawal of bitcoin, approximately $ 82,000, which attracted the huge purchase benefit. Currently, the bulls sparked a strong recovery and raised levels exceeding $ 86,000. However, the question that arises is whether the current face can remain for a long time or the trap of the bull is in making.
The BTC price has seen one of the three -day drops since November 2022, eliminating more than $ 300 billion from the market. Nevertheless, some supporters are still optimistic about Bitcoin, as they claim that the revival of a bull race can be operated as soon as the price enters the demand area. However, from a broader perspective, the distinctive symbol remains under the declining effect, and therefore the current bounce can be considered as a short -term rest.
The weekly RSI raises anxiety
RSI is one of the important indicators, which helps to determine the next path of the assembly. It is used to determine purchase and sale points as well as horizontal unification. In the longest perspective, the indicator remained declining while the price continued. Previously, when RSI and the price are offered in reverse, this led to the beginning of the bear market.
As shown in the graph above, the weekly relative strength index to form the highest levels and lowest levels at times when the price was above its highest levels and lowest levels. Once again in 2021, a similar pattern occurred, causing the BTC price to drop from its highest levels to nearly $ 69,000 to less than 16,000 dollars. Although Bulls tried to seriously check the bounce, the bears had carried a strong grip on the gathering that continued to push the price to a decrease. Therefore, if the BTC price fails to rise and secure levels exceeding $ 100,000, it may follow a similar pattern, which leads to 50 % withdrawal of levels.
More upcoming procedures for the BTC price
In times when the bitcoin price is at a huge pressure for sale, every recovery is seen as the beginning of the recovery stage. However, the previous trade pattern indicates that the price has not yet entered the demand area. The verified price and the profit/loss margin indicate that the distinctive symbol is expected to witness more hybrid heat.
The above chart shared by a famous analyst, onHe explains that since 2022, the opportunities for purchase have always occurred when the margin of loss of the merchants ’losses is 12 %. Interestingly, levels have reached -8.25 %, indicating that the gathering is approaching the purchase area 2022. While some believe that merchants may find opportunities for purchase before, the link between the achieved prices and the P/L margin raises some concern about psychology in the market and investor behavior.
So what next?
While some analysts believe that the current bounce can be the end of the declining direction, the liquidation levels indicate a varied work. After the latest price procedure, large sets of surfaces were installed on both sides. This indicates that the price of bitcoin may witness great fluctuations in the next few days. Therefore, further falls can be expected at the end of the month, and if the price starts in the new monthly trade in a bullish note, it may remain high until the end of the quarter.
