Is Bitcoin a buy now?
Since its highs last year, the cryptocurrency market has lost over 2 trillion dollars in market cap. The market leader Bitcoin is down 65% since its all-time high in November last year, currently sitting at $23,400. Recovering over 30% since it reached its lows at $17,708.
Disclaimer - Nothing in this post is financial advise
Bitcoin technical analyzes
When looking at the chart, we can see that Bitcoin bounced off its long-term support at about $18.000. But it has still not managed to break out of its long-term downtrend.
Bitcoin relief rally?
In January, Bitcoin started a relief rally after its fall from its all-time high at $68,789. Gaining 40% over 2 months, before crashing to new lows.
Surprisingly, when looking at the chart, this 40% would perfectly align with Bitcoin bouncing off its current lows towards its long-term downtrend.
Bitcoin strong after Tesla sells
In recent news, Tesla reported it has sold about 75% of its Bitcoin holdings. While crypto enthusiasts were shocked, Bitcoin stomached the news bravely and continued its current rally to the north.
Next Major Support for Bitcoin
If Bitcoin rebounds again from its negative trendline, the next Major support would be at about $13,000. Another 27% down from its lows in June.
Whales keep accumulating Bitcoin
Blockchain analytics Glassnode said that whales are adding to their balance aggressively, acquiring 140,000 Bitcoin per month directly from exchanges.
Currently, whales own as much as 8.69 million BTC, or 45.6% of Bitcoin's total supply of 21 million, according to — glassnode (@glassnode) June 29, 2022 (3/4 pic.twitter.com/zPaehTYqgO)
Fear and Greed index with a positive increase
After breaking the record for uninterrupted extreme fear, Bitcoin finally managed to leave the "Extrem Fear" level.
The extreme negative sentiment has been in place since BTC collapsed from the $38,000 level on May 5.
Conclusion
While Bitcoin is still in a long-term downtrend, some bullish indicators could hint at a trend reversal. However, investors might wait until Bitcoin crosses the $30,000 line in order to make a decision.
Disclaimer - Nothing in this post is financial advise
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