- According to two price indicators, BTC has not bottomed yet.
- Bitcoin managed to break the $40,000 again but it didn’t last for more than six hours.
- Currently, there are 2.2 million active BTC over the past 30 days.
Traders are using different strategies to know whether Bitcoin’s (BTC) price has bottomed yet. Meanwhile, on-chain activity and derivatives data show that the situation remains uncertain.
Ever since the $30,000 on May 12, traders have been waiting for its trend reversal. Apparently, it reached $12 billion worth of futures long positions being liquidated.
However, traders’ confidence remains decreasing. Hence, the crypto community started looking for trend reversal signs. For example, analyst @immortalcrypto said a new high followed by a move above $40,000 is enough.
We need to make a new Higher High to confirm a local bottom.Reclaim 40k and we can start talking about a sustaine...
This article was first published on coinquora.com