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In recent weeks, sentiment has turned around Bitcoin, because Bulls has pushed over $ 100,000 again. Despite the recent admission, the BTC price is still bullish, with the market sentiment in greed. However, a new development on Bitcoin’s weekly graph can put an end to the recent bullishness, just as it did in 2022.
Sales signal from 2022 will be released again
In 2022, major sale caused activated by the crash of the FTX Crypto Exchange brought an abrupt end to the Bitcoin Bull market And investors collapsed in months of despair as the prices are left behind. During this time a sales signal went on the weekly super trend of Bitcoin and the result was the decrease in the Bitcoin price of more than 60%. Since then, this sales signal has stayed asleep, but now it has returned.
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Crypto and CMT certified analyst Tony Spilotro went to X (formerly Twitter) part A disturbing formation on the Bitcoin graph. The analyst explained that the sales signal on the weekly super trend that was sleeping had finally returned. This signal was activated just below the current highest point of $ 109,000 and it seems that the market is playing accordingly.
The analyst explained that although the BTCUSD pair continues to show strength, it can be a false force. This is because the US dollar has recently been weakened, which means that this can be the reason behind the strength shown by the BTC price. Moreover, Tony revealed that even the BTceur pair did not shown a crossover of the LMACD.
Now, since this rare Bearish signal is currently flashing, it could have a number of serious implications for the cryptomarkt. The first of these would be that this is the top of the market. In such a case, investors could look at another long -term bear market.
When it comes to how low the price could goWith the performance of 2022, a crash of 60% would reduce the Bitcoin price under $ 50,000. If this happens, it would destroy the already struggling Altcoin market and push BTC under the cost price of the 500,000 BTC stock of the strategy, which in itself opens a different look worms.
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Bitcoin must keep the breakout
In another message, Tony explained What needs to be done to support the current uprising. He pointed that out Range Breakouts are only completed in a strong, large weekly candle. In addition, the breakout must then close above the upper bulb band for confirmation.
Currently, the BTC price still has to close above the upper Bollinger band, which is at $ 108.507. With two more weeks to go to go in May, Bulls still have time to complete it before the month is closed. Otherwise the current outbreak could fail and a reversal BTC could push further down. “Bulls want to see this within two weeks, which leads to a strong can close,” said Tony Spilotro.
Featured image of dall.e, graph of tradingview.com