Can BTC return to the bullish course despite the daily degree with important support?
Can BTC return to the bullish course despite the daily degree with important support?
The price of Bitcoin achieved a day of the day below 60,000, the 21-day and 21-dayema, which is a careful signal in a short point of view. There is an SNAP-BACK scenario in the cards where BTC closes again over this level, but we have to wait for a daily closing course over these values to get the confirmation.
Yesterday there were a large number of tributaries, which caused the spoke reserves to rise around 9435 BTC. Twins recorded particularly large tributaries. At the moment the price of Bitcoin is over $ 60,000.
technical outlook
Overall, the trend remains bullish despite the short -term weakness. BTC recovered 64 % with increased open interests in a month, and the Leverage Ratio also approaches the highest level. The current market cleaning can be regarded as an interest bully signal, as it helps to rinse the leverage longs and prepare for the next big upward movement.
This makes the overall market more sustainable, since excessive rally tends to lead to larger drawdowns. It is still too early to confirm a technical low at $ 58.1,000, since BTC remains at an important downward trend line at $ 62,000 and has to achieve a higher high over $ 63.7,000 to confirm.
There is still strong support between $ 58.3,000 and $ 53,000 in relation to the technical and on-chain perspective.
Auf-chain analysis
Although the spot reserves rose around 9435 BTC yesterday, the on-chain metrics still show no significant signs of aggressive distributions of long-term owners (LTHS) or miners.
The 1 to 3-month cohort continues to take profits-mainly younger coins and dealers who have sold. The medium coin The age reached another high. Older cohorts continue. The ASOP fell back to 1, which indicates that the overall market is balanced. In the past, this was a level of support for BTC in all bull markets. In September the ASOP fell under 1 during the liquidation event for a while and then again.
miner continues to build up reserves and show no signs of aggressive distribution.
Finally
The current withdrawal of the BTC price is healthy for the market structure and makes the bull run more sustainable. The stocks continue to rise, which makes the resumption of risky trade even more valuable, especially since the dollar is still in a downward trend. Money flows out of long -term bonds and rotates into risk systems.
In the short term, there is still a risk of flush-out because the leverage remains increased at 0.18. However, it is easy to see that it is declining for the last day.
Overall, the trend remains pullet because LTHS and Miner continue to hold their BTC.
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