The post Could Bitcoin Defy the Bears? These Signs Point to a Possible Price Surge appeared on BitcoinEthereumNews.com.

Analyst identifies a Bull-Flag pattern suggesting Bitcoin could soon reverse its June downtrend. MVRV ratio and exchange stablecoin ratio provide key insights into Bitcoin’s market conditions. Bitcoin [BTC], the flagship cryptocurrency, has shown signs of a potential reversal from its recent downtrend, sparking discussions among market analysts and investors alike. After a challenging month that saw prices dip as low as $58,000 earlier this week, Bitcoin has made a modest recovery, trading at around $61,516, at the time of writing.  This recovery includes a brief surge above the $62,000 mark earlier today, signaling to some experts that a more significant breakout could be on the horizon. Notable market analyst Rekt Capital has gone so far as to suggest that the ongoing downtrend that characterized June might soon come to an end, spurred by emerging patterns in Bitcoin’s daily trading data. Bitcoin bull-flag emergence Rekt Capital points to the formation of what appears to be an early-stage Bull-Flag pattern in the daily price charts. This pattern, if fully realized, could indicate that Bitcoin is gearing up to challenge and potentially break out from the downtrend it has been experiencing.  Such technical formations are closely watched by traders for signs that the current price action might translate into a major move upward. Rekt Capital noted, “Let’s see if this current price action on the Daily continues to form this small, early-stage Bull Flag,”  Furthermore, Rekt Capital has recently disclosed that the recent retracement in Bitcoin’s price is approaching the common 22% correction observed throughout various market cycles. This adjustment is initially met with positive responses that correlate with support levels previously seen at all-time highs. Rekt Capital stresses the importance of Bitcoin’s price closing above the pattern’s lower boundary on weekly charts to sustain this critical support level, even though brief dips…

---

Filed under: News - @ June 29, 2024 12:14 am