Bitcoin (BTC) approached the $80,000 emotional barrier today but only managed to top $79,420. The next step was a downward trend, with the price currently at $76,757 (-3.35%).
Although there are no major issues behind this decline, sales have increased following a major withdrawal from the overstocked market.
Bitcoin returns from around $80K
In less than an hour, the crypto killer received a total of $1.35 billion in trading orders, with Binance charging the most at $1.2 billion. For Bitcoin, the withdrawal removed $112.66 million from long-term buyers in the past 24 hours.
Source: Binance
It didn’t help the market that the US-Iran ceasefire was still in place, along with the failed peace talks. The destruction of infrastructure and the closure of the Strait of Hormuz have caused financial problems, while the price of WTI oil has risen to $ 96.73 / barrel.
Source: oilprice.com
That said, many experts say so satisfied that the price of Bitcoin is similar to the events of the bottom or near-bottom, and that we should expect a strong return for a long time.
Front side
According to Michaël van de Poppe, historical trends show rallies of up to 1300% over the next two years of the Mayer Multiple Z-score dropping below -1.5 standard deviations. This suggests that Bitcoin is cheap and historically “sold” in the long term.
Having reached the same point this round, the analyst believes it is coming bullish trendand $200K as a bear market bottom.
What does this theory have to do with it?
Bitcoin relative strength index (RSI) now reads 53.40, while MACD (Moving Average Convergence Divergence) remains positive and rising. All signs point going to a high value area and a strong increase in buying power.
In addition, Bitcoin trading products saw strong demand last week with $933 million in inflows. BlakRock’s IBIT recorded a 9-day total of $983 million, marking its biggest week in 6 months.
In addition, Congressman Nick Begich III announced the revival of the Bitcoin Strategic Reserve as the US strives to position itself as a Bitcoin hub.
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