Market history is changing from a local to the bottom of the macro.
From a technical perspective, Bitcoin’s breakout above $66,000 has generated a lot of interest.
Many analysts argue that the downward spiral may already be in place. Although BTC was stable between $60k-$65k, the discussion was looking like it was only a small amount.
Now, however, the focus is slowly moving towards the $70,000 area.
Looking at the charts, this change is not without merit.
According to crypto expert Ali Martinez, Bitcoin has reviewed the same three indicators that have been associated with macro cycle bottoms.
These indicators include the monthly RSI down to 43.65, the Chande Momentum Oscillator (CMO) falling to around -71, and Bitcoin trading near its 50-month moving average.
In particular, the pattern is repeated in the previous lines.
In 2015, the setup appeared to be around $235 in the past Bitcoin (BTC) it was over 8,300%.
At the beginning of 2019, it shone close to $ 3,333, ahead of the profit of 1,900%. The same technical group came back at the end of 2022, around $16k, shortly after Bitcoin dropped to around $15k, before the market rose 675%.
Interestingly, Bitcoin’s correction to $58k last month also triggered the same setup.
So, if history is any guide, these changes have been showing one of Bitcoin’s strongest periods in a long time, which adds weight to the idea that the market may already be changing from the bottom to the macro.
Liquidity remains a major test for Bitcoin
Bullish continuation depends on the volume of money, and this is where Bitcoin’s rally could still face an important test.
According to the technical, the control of the stablecoin has increased by about 13%, less than the Ethereum 10% + control of the market.
At the same time, the total value of the stablecoin market has decreased by more than $10 billion in the last month, which indicates that money is still flowing instead of returning to crypto.
In particular, on-chain data supports this.
As the chart below shows, Bitcoin has more than $65,000, but the funds needed to continue this rally seem to be running out. Stablecoins have been off the charts for 35 consecutive days, while Bitcoin has seen no signs of rallying.
In other words, the price starts, but the money doesn’t follow.
Based on this, a change from the same base to a larger base may still require a strong guarantee.
While Bitcoin’s breakout above $66,000 is technically stable. However, the lack of new revenue suggests that the move may struggle to maintain a solid foothold in the $70k region.
