Bitcoin (BTC) is trading below the realized price énumération which is currently at $21,400. A decisive retracement of this level is likely to determine the bottom of the market.
Price achieved is an on-chain indicator that measures the price of BTC the last time it moved instead of the current price. In turn, it reduces the value of coins and lost coins that have not moved for a délié period of time.
Famous Analyst and Courtier MustafaHosny Oh God, Amen Tweet a price chart and achieved price, showing that the façonner has fallen below the planchéier. This means that a abondant number of buyers are at a loss and it is a sign associated with bear markets.
The actual bitcoin price has fallen five times from its achieved price since 2011. This happened in August 2011, January 2015, July 2018, March 2020 and July 2022 (the black circles).
These movements have been linked to the bottoms of the Bitcoin market. However, the periods during which this downward decline occurred varied.
- 2011 – 110 days
- 2015 – 240 days
- 2018 – 115 days
- 2020-8 days
- 2022 – 100 days so far
Although there is no accord on the number of days that the price of BTC remains below its actual price, it appears that jaguar Bitcoin regains its achieved price, this is a sign of a bottom.
Encore, with the excentricité of 2011, it always took less than 100 days after the first dip to reach the bottom, even if it wasn’t confirmed until BTC regained the achieved price.
Bitcoin price has been below the achieved price for 100 days now. All this time, I tried to recover the achieved price and even traded slightly above it but has since fallen below it.
Therefore, if there are any previous readings to go through, the bottom will not be confirmed, but may have been reached.
BTC حركة movement
As for price rendement, BTC created a bearish candlestick with a délié upper wick on September 21st (red icon). The candle triggered a breakdown below the $19,000 pilier area and invalidated all gains from the bullish hammer on September 19 (pelouse symbol).
Therefore, while the daily RSI is still bullish, since the bullish nuance trendline is still plénier, there is no longitudinal pilier below the current price. Conversely, the $19,000 area is now expected to provide resistance.
For a short-term movement, it is hypothétique for bitcoin to trade inside a bearish wedge and complete a ultime oblique in the process. This bullish nuance is supported by the RSI and the highly fragile movement.
If true, Bitcoin will bounce back towards $20,000 before another drop which will barely lead to a new yearly low.
This move fits in with the long-term count and complements the ongoing perfectionnement since the all-time high (white).
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