Bitcoin could have just entered a capitulation phase; Is the BTC bottom in?
With the price of Bitcoin (BTC) recovering $ 22,000, the question of whether the flagship’s digital asset has now bottomed out or is just in the short term, crosses the minds of many crypto traders.
Using Arcane Research data on public miners who sold Bitcoin monthly in 2022, economist and trader Alex Krüger found that the percentage of BTC production sold monthly in June far exceeded previous months.
In particular, as much as 15,000 BTC was sold in June, which is almost a 400% share of production sold monthly. Krüger wrote July 17:
“Bitcoin miners panicked selling large quantities in June. Another clear sign of capitulation.”
Three crypto companies are experiencing bankruptcy
In particular, Finbold also stated on July 17 that the global crypto market value rose 8% over the previous 30 days despite bankruptcies in the industry. As things stand, the global market value of crypto is $ 1.02 trillion, an increase of 4.15% over the last day, according to CoinMarketCap data.
The fact that the market has continued to expand despite difficult lenders, and falling currencies that have a negative impact on the cryptocurrency sector may indicate a possible bottom as the market continues to remain constant over the last month despite the negative headlines.
Meanwhile, prominent cryptanalyst Trader Tardigrade offered further data to support the notion that a bottom can be inside Bitcoin.
The trader noted that bottoms in Bitcoin prices have traditionally been signaled by simultaneous crossing of the fast and slow stochastic lines in the oversold zone. Historically, these have been the best monthly pillars for accumulation.
“Crossings of stochastic fast (% K) and slow (% D) lines in an oversold zone indicate $ BTC bottoms, which have been the best monthly pillars of accumulation historically. The current candle will be closed in about 10 days. “
Elsewhere, Leading Crypto-Market Analyst Rekt Capital noticed on the bottom:
“Typical BTC Bear Market bottoms tend to take months to develop before a new macro trend begins. BTC has meandered at current prices in just a few weeks. History suggests that it is too early to expect a complete reversal. of macro trends as soon as possible. “
Finally, popular crypto merchant and YouTuber CryptoYurii believes the price behavior of Bitcoin may be part of the Wyckoff setup, which may see BTC rise to $ 30,000 by September 2022. The setup is a technical indicator that refers to the possibility of a bullish reversal after significant downward movements.
Bitcoin is currently trading at $ 22,248, up 3.92% in the last 24 hours and 8.57% last week, with a total market value of $ 427 billion.
Disclaimer: The content of this page should not be construed as investment advice. Investment is speculative. When you invest, your capital is at stake.
