On-chain Metric Indicates a Potential Bitcoin bottom at $19,000
The optimistic scenario for bitcoin did not materialize last weekend. On Sunday, a weekly high of $21,888 was registered, but by the end of the day the momentum moved in a bearish direction.
This week started in the same order, and Bitcoin showed 4 straight bearish candles on the daily chart.
Hope for a rise to $28,700 has temporarily disappeared, and now a retest of the $19,173 level seems most likely. Despite the potential bearish movement over the next couple of days, it is likely that the days of the bitcoin bear market are almost numbered.
The Puell multiplier is an important indicator illustrating Bitcoin reaching the bottom. Currently, the rate of change of the indicator is optimized, and there are three obvious areas of the market cycle.
Red zones indicate the euphoric peaks of the bull market, mid-cycle rallies are characterized by central consolidation, and green zones mark the bottom of most bearish rallies. In 2022, Puell Multiple confirmed the bear market, and gradually the price may start to rise from this position.
The movements of bitcoin whales may indicate that the bottom is forming. On November 12, 2021, 168.1 thousand bitcoins were accumulated, seven months later on June 18, another 148.1 thousand bitcoins were received by large wallets.
From this we can conclude that bitcoin can bounce back from the previous week's low of $19,173. This will mark the beginning of a recovery in which BTC will begin to move towards a steady price increase.
More articles, daily notes, graphs and comments, interesting videos and memes in ourTelegram channel.
https://coin-signal.com/cryptonews/on-chain-metric-indicates-a-potential-bitcoin-bottom-at-19000/
#19000, #Bitcoin, #Bottom, #Cryptonews, #Indicates, #Metric, #OnChain, #Potential
#CryptoNews