Bitcoin Bears tiring out?
There are many confluent reasons to suggest Bitcoin is in a re-accumulation phase of a new bull market.
To set the scene, BTC has been in a clear downtrend and mostly trading below all key Daily EMAs for several months. So this has been a good time to be stacking sats whilst protecting dollars.
However, Bitcoin is still finding key support at a 61.8% retrace of its 2019 high, showing significant interest from long term bulls and offering a second opportunity to accumulate at these levels.
Last week we also saw bullish RSI divergence for a second time, suggesting sellers are losing steam. However on this occasion BTC did not make it to the base of its long term channel before bouncing, further hinting that a bottom might be in.
It's still hard to find reasons to go ultra-bullish right away, but the chart shows many good reasons to be re-accumulating for the long term.
It is still unclear what 2019 was really all about for Bitcoin. Was this really the start of a new bull market or merely a bear market rally post the 20k euphoria? We'll probably have to wait until next year to know.
Fundamentally however, with the upcoming halvening, increasing scarcity, precious metals breaking bullish and a precarious global economy with spiralling debt, Bitcoin looks pretty compelling right now.
To set the scene, BTC has been in a clear downtrend and mostly trading below all key Daily EMAs for several months. So this has been a good time to be stacking sats whilst protecting dollars.
However, Bitcoin is still finding key support at a 61.8% retrace of its 2019 high, showing significant interest from long term bulls and offering a second opportunity to accumulate at these levels.
Last week we also saw bullish RSI divergence for a second time, suggesting sellers are losing steam. However on this occasion BTC did not make it to the base of its long term channel before bouncing, further hinting that a bottom might be in.
It's still hard to find reasons to go ultra-bullish right away, but the chart shows many good reasons to be re-accumulating for the long term.
It is still unclear what 2019 was really all about for Bitcoin. Was this really the start of a new bull market or merely a bear market rally post the 20k euphoria? We'll probably have to wait until next year to know.
Fundamentally however, with the upcoming halvening, increasing scarcity, precious metals breaking bullish and a precarious global economy with spiralling debt, Bitcoin looks pretty compelling right now.
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