Bitcoin's (BTC) downward price movement appears to have come to a halt as the leading cryptocurrency aims to establish a solid foundation.
“Smart money is done accumulating BTC. I told you a few weeks ago that once QQE >0 = Accumulation ends. We always saw a strong bull run afterward.<…> And bears are happy about a few red candles,” he said.
Bitcoin price analysis chart. Source: TradingView
What next for Bitcoin?
In this line, he projected that if Bitcoin experiences a lower test, it could lead to bullish divergences.
“Bitcoin still facing crucial resistance and rejected at $27,800. One more test lower would generate bullish divergences and opens up opportunities for long plays toward $28,700. Casual Sunday/Monday dump and reverse after. Funding rates are also, finally, resetting,” he said.
Bitcoin price analysis chart. Source: TradingView
The correction has seen Bitcoin lead the broader market in short-term losses partially in reaction to the high United Kingdom inflation data. This development has sparked concerns about higher-for-longer interest rates, which has contributed to the sell-off in Bitcoin and other risky assets.
Bitcoin price analysis
As of press time, Bitcoin was trading at $27,666, reflecting a gain of roughly 1.4% in the last 24 hours. However, over the past seven days, Bitcoin has suffered losses of about 9%.
Bitcoin seven-day price chart. Source: Finbold
Bitcoin technical analysis. Source: TradingView
As things stand, Bitcoin investors will be looking at renewed bull activity to help the maiden crypto avoid further correction.
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