Bitcoin

Although Bitcoin (<a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) is still trading in a largely sideways trend, indicators suggest that the flagship decentralized finance (<a href="https://finbold.com/guide/liquidity-mining-definition/" rel="noopener noreferrer nofollow">DeFi</a>) asset has just got out of a lengthy <a href="https://finbold.com/guide/bear-market-definition/" rel="noopener noreferrer nofollow">bear market</a> and has embarked on a <a href="https://finbold.com/guide/bull-market-definition/" rel="noopener noreferrer nofollow">bullish</a> journey that might see it massively growing its price.In fact, Bitcoin’s 200-week <a href="https://finbold.com/guide/moving-average/" rel="noopener noreferrer nofollow">moving average</a> (200WMA) suggests that the recent bear market was the worst in history for the maiden <a href="https://finbold.com/cryptocurrencies/" rel="noopener noreferrer nofollow">cryptocurrency</a>, as observed in a <a href="https://finbold.com/guide/chart-patterns/" rel="noopener noreferrer nofollow">chart pattern</a> analysis by the <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">crypto market</a> expert PlanB also known as 100trillionUSD, and <a href="https://twitter.com/100trillionUSD/status/1679076101421662208" rel="noopener noreferrer nofollow">shared</a> on July 12.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/6fb49ce039fe4da48247cb6c41cbe873.png" />Bitcoin 200-week moving average. Source: <a href="https://twitter.com/100trillionUSD/status/1679076101421662208" rel="noopener noreferrer nofollow">PlanB</a>At the same time, Bitcoin’s relative strength indicator (<a href="https://finbold.com/guide/rsi-indicator/" rel="noopener noreferrer nofollow">RSI</a>) has emerged from the zero line on the two-week chart, indicating the start of a bull market, as it imitated the trend from 2016, according to a <a href="https://twitter.com/TATrader_Alan/status/1679400297691762694" rel="noopener noreferrer nofollow">tweet</a> shared by pseudonymous <a href="https://finbold.com/guides/cryptocurrency/" rel="noopener noreferrer nofollow">crypto</a> analyst Trader Tardigrade.On top of that, trends indicate that <a href="https://finbold.com/topic/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> is preparing for a possible all-time high (ATH), as it has historically demonstrated the start of a bull run in the 22 months before the United States presidential election and has recently <a href="https://finbold.com/recession-probability-highest-since-1980s-as-bitcoin-enters-pre-run-phase/" rel="noopener noreferrer nofollow">entered the pre-run phase</a>, the <a href="https://finbold.com/guide/cryptocurrency-trading/" rel="noopener noreferrer nofollow">crypto trading</a> expert explained.<h2 id="header-0">Bitcoin price analysis</h2>Meanwhile, Bitcoin was at press time trading at the price of $30,594, indicating a loss of 0.24% in the last 24 hours and declining 1.77% across the previous seven days while still hanging onto the 16.98% gain from its monthly chart.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/06b5b42776924d1eb6d49385cec42b74.png" />Bitcoin 30-day price chart. Source: <a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">Finbold</a>Notably, in addition to the above trends, Bitcoin’s recovery and a potential new ATH could factor in the US Securities and Exchange Commission (<a href="https://finbold.com/topic/sec/" rel="noopener noreferrer nofollow">SEC</a>) possibly approving the first-ever spot Bitcoin exchange-traded fund (<a href="https://finbold.com/guide/exchange-traded-funds-etfs/" rel="noopener noreferrer nofollow">ETF</a>) amid a surge of applications and re-applications pioneered by the world’s largest asset manager BlackRock (NYSE: <a href="https://finbold.com/stock/blackrock-stock-blk/" rel="noopener noreferrer nofollow">BLK</a>).Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>.

This indicator suggests Bitcoin just survived the ‘worst bear market ever’

Table of Contents

Finbold

Other articles published on Jul 13, 2023

Outpost Season 14 - Barrel Digger 13/07/23 @ 00:00 UTC FOR 24HRS

Jack Dorsey Dives Deeper into Crypto, Ventures into Bitcoin Mining Hardware

Ripple CEO Celebrates SEC Victory: Party Time!

Dusk's Preparedness for MiCA Compliance

Top 6 Staking Platforms in 2024

Russian Tax Body Allows Citizens to Declare Crypto Earnings for Taxes

Join our free newsletter for daily crypto updates!