After recover up to $ 10,400 Earlier this week, Bitcoin dropped to almost $ 2,000 in 24 hours on BitMEX. It was a movement that liquidated over one hundred million derivative positions.
Analysts quickly reacted to this decision, expecting a decline in the crypto market. A trader shared that the action of the BTC price suggests a return to $ 6,000 or $ 7,000. Others have echoed this.
But according to a macro indicator last seen at the start of the 2019 bull race, bulls continue to control the trend in the cryptocurrency market.
Bitcoin Impressions Macro Reverse Indicator
Since the lows of $ 3,700 recorded in March, the BTC has mounted a sharp reversal at the rate of the stock market. Even after the aforementioned rejection, the cryptocurrency is still trading over 150% higher than the March lows.
The reversal has allowed Bitcoin's trend to go bullish in macro time for the first time since early 2019, according to a trader.
According to the indicator, Bitcoin has just experienced a positive monthly crossover dynamic in response to the recent recovery.
This is notable because the last time such a crossover was observed was in January-February 2019. The crossover of the indicator preceded an increase in lows from ~ $ 3,500 to $ 14,000 over a period of five months, an increase of 300% exactly.
The momentum of Bitcoin also became bullish, according to the indicator, in February 2015, when the assets reached a low of around $ 200 before rising to $ 20,000 in the two and a half years that followed.
This confirmation that the BTC's macro trend is bullish has been corroborated by ano ther trader, who popular
$ 10,500 must be paid
Despite strong macro trend formation, what stands above Bitcoin is the resistance of $ 10,500.
In the past year, this unique level has rejected BTC rallies three times: one during the “ Xi bomb ” in October 2019, when the BTC rebounded to $ 10,500 in February, and this week only.
The fact that the BTC remains below shows some uncertainty among traders, analysts have suggested.
A commentator argument that with the last rejection, it is possible that “a higher triple is at stake”, which can result in a decrease of $ 8,000 and perhaps even less.
But if that level drops, that's where the fun really begins.