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Bitcoin price moves toward $40K as on-chain and technical analysis favor bulls

Published 06/13/2021, 09:37 PM
Updated 06/14/2021, 02:40 AM
Bitcoin price moves toward $40K as on-chain and technical analysis favor bulls

Bitcoin (BTC) price saw a bullish turn of events on June 13 as the price broke out to $39,252 but many analysts are still on the fence when it comes to determining whether the digital asset is ready to continue its uptrend.

To date, the crypto market remains on edge and is two months removed from Bitcoin’s all-time high near $65,000. A market analysis from Delphi Digital identified a “major head and shoulders pattern” that could “spell more short term pain if BTC dives below $30,000.”

Bitcoin price drawdown from 52-week high. Source: Delphi Digital
Bitcoin spent output profit ratio. Source: Decentrader
BTC drawdown vs. crypto fear and greed index. Source: Delphi Digital
Bullish signal provided by the active addresses sentiment indicator. Source: Decentrader

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