• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Sensei Inu Logo Sensei Inu Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Breaking News: Breaking: Bitcoin Repayment Plan Gets New Deadline From Mt. Gox Trustee
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: Bitcoin Repayment Plan Gets New Deadline From Mt. Gox Trustee

3 Reasons Why Bitcoin Is Likely Near a Bottom After 25% Retracement

Nick Chong by Nick Chong
3 years ago
in Bitcoin Price
0
  • Bitcoin has undergone a strong retracement since the local highs set last week and the year-to-date highs set weeks earlier.
  • At the lows earlier today, BTC was around 25% below the year-to-date highs.
  • Analysts are worried that Bitcoin has room to fall despite dropping 25% within the span of a few weeks.
  • There are a number of reasons, though, why the cryptocurrency might be soon reaching a bottom.

#1: Bitcoin’s Selling Pressure Has Subsided

Bitcoin may be nearing a local bottom because a number of indicators suggest that the selling volume that brought the coin lower has started to subside.

One crypto trader shared the chart below of BTC’s on-balance volume indicator, which attempts to relate price action to volume. The indicator suggests that the “selling pressure [has been] exhausted,” meaning consolidation is likely to follow.

Image

Chart of BTC's on-balance volume over the past few months by crypto analyst IncomeSharks (@Incomesharks on Twitter). Chart from TradingView.com

This is corroborated by data from CryptoQuant, shared by cryptocurrency analyst and commentator “Light.”

The data indicates that Bitcoin miners, who many say triggered the ongoing downtrend, have dramatically slowed their selling of BTC since the recent highs.

#2: Stock Futures Are Trading in the Green

Although the stock-BTC correlation has dropped off over recent weeks, analysts say that Bitcoin undergoing a bear market while stocks push highs is improbable.

As of this article’s writing, the futures for the S&P 500 are in the green, pushing up over 0.5% in the trading session.

Further strength in the price of stocks is likely to bring Bitcoin higher, analysts say.

#3: Bitcoin Fundamentals Remain Strong

The fundamentals of BTC remain strong despite the weakness in its price.

In the August edition of Bloomberg’s Crypto Outlook, analyst Mike McGlone asserted that macroeconomic fundamentals suggest Bitcoin is primed to appreciate over the longer run :

“Primary Bitcoin price companions — addresses used and gold — tell us the benchmark crypto should continue advancing. A top gauge of the macroeconomic forces buoying Bitcoin, the benchmark precious metal sustaining new highs above $1,900 an ounce portends similar for the crypto asset.”

#4: Bitcoin’s On-Chain Trends Are Flipping Bullish

Last but not least, Bitcoin’s on-chain trends are purportedly flipping bullish after a period of bearish trends.

On-chain analyst Willy Woo recently remarked:

“Local on-chain switching bullish (looking at the next few weeks out), not calling this has bottomed, even though it may have. Playing the big swings it’s not a bad time to buy back in.”

This comment comes after he predicted the ongoing correction. In late August, namely, he released a Twitter thread suggest that Bitcoin could fall to the high-$9,000s due to technicals and on-chain trends.

Photo by Steven Roussel on Unsplash
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
3 Reasons Why Bitcoin Is Likely Near a Bottom After 25% Retracement
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for many years now. My pieces and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Bitcoin

Bitcoin Milestone Ahead: Analyst Bullish On BTC Hitting $36,000

3 months ago
Bitcoin Investors Remain Greedy Despite High Market Volatility – Report

Bitcoin Crash: Derivative Traders Lose $202 Million In 24 Hours

7 months ago
Bitcoin Investors Remain Greedy Despite High Market Volatility – Report

Bitcoin Price Consolidates After Failing To Break Through Key Resistance Level

7 months ago
New record: 49% of Bitcoin Supply Has Not Changed Hands in 2 Years

New Record: Half Of Bitcoin Supply Hasn’t Changed Hands In 2 Years

8 months ago
Bitcoin Investors Remain Greedy Despite High Market Volatility – Report

Bitcoin Derivatives Market Volumes Show Bullish Trend After 2022 Downturn

8 months ago
50% of Bitcoin hashrate Controlled by Two Mining Pools

Data Shows 50% Of Bitcoin Hashrate Controlled By Two Mining Pools

8 months ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit

Press Releases

  • While Litecoin (LTC) and Aave (AAVE) try to break key...

    18 hours ago
  • Bitcoin (BTC) and Compound (COMP) At the Market Crossroads...

    19 hours ago
  • Next 10x Crypto Gems: 6 Coins Under $0.50 To Buy Now

    19 hours ago
  • TokenCoin — Guide to Earning Passive Income through...

    20 hours ago
  • Pepe Coin Price Continues To Decline, Kangamoon and Shiba...

    23 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.