According to CryptoQuant data, the Bitcoin Bull-Bear Market Cycle indicator shows that we are in a bullish phase from the lowest levels since the US banking crisis in March 2023.
With Bitcoin fluctuating around $61,000 and recently reaching a monthly low of $58,500, bullish momentum is necessary for prices to recover. For this to happen, the Bullish-Bearish Market Cycle indicator is expected to cross its 30-day simple moving average.
BTC demand rate should return to levels in the first quarter of 2023 for prices to recover. Although there has been a slight improvement since May, current demand growth remains behind levels at the time of the launch of US spot Bitcoin ETFs.
Long-term Bitcoin holders are among the major players in the market. They are currently purchasing 72,000 BTC per month, which is well below the monthly purchasing pace of 160,000 BTC in the first quarter. Although this is a slight increase in purchase amount compared to 68,000 BTC in May, further increases are necessary for a sustainable price increase.
Risk of a Major Correction
The critical support level for Bitcoin is currently pegged around $56,000 according to Metcalfe price valuation bands. This level has served as a strong resistance and support level in past market cycles. A break below this level could trigger a significant market correction and potentially lead to further declines.
Positive unrealized profit margins among traders may indicate upcoming rallies. Additionally, increased Bitcoin flows from other exchanges to Coinbase generally indicate higher Bitcoin prices, which is associated with increased interest in the US market.
The rapid increase in stablecoin liquidity reflects the 60-day growth in the market value of stablecoins such as Tether (USDT). This is considered a critical element of new capital inflow into the market for Bitcoin's upward price movements.
PLEASE READ CAREFULLY FOR A GIFT OF 10 DOLLARS.
My friends, you know that we, the publishers, are doing everything we can for you here. We are informing you about the services and facilities offered to us by our authorities. I have never stopped supporting both the Cryptocurrency market and you as much as I could, and on the contrary, I am trying to provide more support.
THIS 10 DOLLAR GIFT CAMPAIGN IS A CAMPAIGN MADE SPECIALLY FOR ME BY BINACE. YOU CAN GET CONFIRMATION ABOUT THIS BY CONTACTING LIVE HELP. THIS IS A 10 DOLLAR CAMPAIGN MADE TO YOU THROUGH ME.
Now I will tell you how to receive your gift. First of all, Binance users who have registered with someone's reference and actively use futures transactions will unfortunately not be able to benefit from this promotion.
So who will benefit?
Our friends who have not activated the futures section yet, while activating your FUTURES trading section, you will earn 10 dollars when you open it by entering my reference code 88623008.
I EXPLAIN IN DETAIL.
My brothers and sisters who have become a Binance member without reference, please listen carefully;
When you do what I say, you will receive 10 USDT.
Enter the Futures Section from your application,
On the next screen, open your account by entering the code 88623008 in the REFERENCE CODE section,
My brothers and sisters who want to complete this transaction and receive the 10 USDT reward by MAY 1 can do so. After activating your account, all you have to do is open your first futures transaction.
The first 1,000 brothers to open a 200 USDT transaction by MAY 1 will receive a 10 USDT reward.
So let me give you a tactic like this: Even if you open and close 20x with a $5 transaction, you will be entitled to the reward.
However, even if you do this after May 1, your reward will not come. So get it done by May 1st. In fact, right now I say you can fix it in 5 seconds.
Very simple. Go to Futures, enter my reference code 88623008 and activate the account. Afterwards, just open a total of 200 USDT transactions and get 10 USDT reward.
WHEN WILL THE AWARD COME?
Your 10 dollar reward will arrive in the REWARDS section of your Binance application within 30 days, starting from May 1st. By activating it from there, you can use your reward of 10 dollars, or more than 300 liras, in futures transactions.
You can help your friends in need by sharing this post.
BY THE WAY, MY BROTHERS, PLEASE DON'T MISS YOUR LIKES. EVERY SHARE IS FOR YOU. SO DON'T WITHHOLD YOUR SUPPORT. IF YOU HAVE NOT FOLLOWED YET, DON'T FORGET TO FOLLOW. KIND REGARDS.
