Cryptocurrency
Two Paths Of A Bitcoin Bull Run, And If A Bear Phase Is Next
Two Paths Of A Bitcoin Bull Run, And If A Bear Phase Is Next: (NewsBTC) Bitcoin price has plummeted more than 50% from recent highs, falling to as low as $30,000 in a matter of a flash. The selloff was enough to shock the entire market, causing the most liquidations and coins to be deposited since […]
Two Paths Of A Bitcoin Bull Run, And If A Bear Phase Is Next:
(NewsBTC)
Bitcoin price has plummeted more than 50% from recent highs, falling to as low as $30,000 in a matter of a flash. The selloff was enough to shock the entire market, causing the most liquidations and coins to be deposited since Black Thursday.
There’s now talk of the bull run being over, however, there’s potentially two different paths that the cryptocurrency could take according to the RSI and past bull market performance.
Is The Top Of The Crypto Bull Run In?
After more than one full year of an uptrend, the volatile crypto market wiped out months of progress in days. The sharp reversal caused a 50% drop across the board, and it was enough to spook the market.
Several top signals also appeared, such as the Pi Cycle Top indicator, and the Relative Strength Index reaching overbought levels on the monthly. The monthly RSI, however, has been swatted down by bears and back into the normal range of the oscillator.
The monthly RSI is looking especially bearish | Source: BTCUSD on TradingView.com
There is also a bearish divergence stretching across past bull cycle tops, which could provide clues as to what’s to come.