Technically speaking, BTC is currently trading at a critical intersection with its 200-day moving average (MA).
BTC had previously had a severe rejection at these levels, which was followed by a significant correction. The previous time #Bitcoin touched the 200MA on the 12hr chart, according to well-known crypto analyst Ali Martinez, it led to a sharp correction. In anticipation of a pullback, the TD Sequential now displays a sell signal at the same level. To void the negative view, $BTC must print a 12hr candlestick close above $22,950.
Additionally, on-chain data for realised profit/loss for Bitcoin demonstrates that profit-taking occurs at every increase in price for Bitcoin. The current Realized profit/loss ratio for Bitcoin is below 1.0, indicating a significant bear cycle.
Some Bitcoin-Friendly Developments
After attempting to go below $20,000 last week, the price of bitcoin was able to quickly recover and is currently maintaining $20K as a reliable support level. mentioning the quantity of live addresses. Analyst Ali Martinez agrees that the bottom of the Bitcoin market might be in.
Additionally, there are now close to 100,000 BTC addresses having at least one or more Bitcoins. This demonstrates how retail players keep accumulating.
