Bitcoin (BTC), the largest cryptocurrency in the world, has seen a consolidation over last week. It is now trading between $67, 000 and $70,00 after it experienced a short 20% price correction which brought it down to $56,400 at first of May.
You can also find out more about this by clicking here. consolidation period The recent drop in selling pressure, in both the ETF and Bitcoin market, is a result of the resurgence in inflows to the US Bitcoin spot ETF.
Bitcoin Selling Pressure Fades
According Julio Moreno is the head of Research at CryptoQuant. He says that Bitcoin’s current price of $70,000 has changed since it reached this level last in March.
Moreno points out that the traders have reduced their selling pressure as they are experiencing a much smaller profit margin. Unrealized profits now only amount to 3%. This is down from 69% at the beginning of March. This indicates that most of the “heavy selling” The chart below shows that the unused amount of a certain product has now been depleted.
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Santiment data Also, Bitcoin’s market cap has surpassed $70,000 once more. This is despite the US Stock Market taking a break for Memorial Day.
Santiment, a market intelligence platform, sees it as a positive sign as it shows BTC’s ability to perform well on days where it’s not closely related with the primary. stock marketThis has been true for most of 2022.
Last Phase of Pre-Breakout Solidification
Crypto analyst Rekt capital has questioned the positive trend. noted Bitcoin’s most recent weekly candle is below the resistance high range of its current “re-accumulation” Phase, which ranges from $60,000-$70,000.
Rekt Capital has predicted that the top cryptocurrency will consolidate further within this range. thesis There are two phases left in the bull cycle. “parabolic rally phase.”
Bitcoin’s bull cycle has historically been characterized by a consolidation around its all-time highest levels. The analyst claims that Bitcoin is indeed a bull. consolidating The market has been at its highest levels for quite some time, particularly when compared to previous cycles.
The time left in the current phase of sideways trading is rapidly ebbing away. The long-awaited post-Halving A rally in conjunction with renewed investor optimism is likely to propel the biggest cryptocurrency on the markets to levels even higher than $73,700 currently reached by mid-March.
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Bitcoin has reached a pivotal point in the current bull market cycle. This consolidation is a critical juncture in the current bull cycle. re-accumulation Should historical patterns continue, it is possible that the recent market boom could give way to a new parabolic rise.
BTC gained 2% today, adding to the 10% increase in value in the month prior. Bitcoin’s current price is $70,200.
Chart from TradingView.com, image from Shutterstock
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Source: www.newsbtc.com
