The recent declines in Bitcoin and cryptocurrencies bring with them new interpretations about the direction in which we will move in the market. Analyst Jelle states that Bitcoin's upward trend in the last 18 months is under pressure and talks about the possibility of recovery. These comments serve as an important guide for cryptocurrency investors.
18-Month Trend for Bitcoin Under Pressure
According to Jelle, Bitcoin has set a new low on higher timeframes, indicating that Bitcoin's uptrend over the last 18 months is now under serious pressure. This indicates that the bullish momentum that was driving Bitcoin's price up has stalled, leading to concerns among investors about the future of the cryptocurrency. However, Jelle states that there is still a possibility of a recovery. If Bitcoin can quickly regain its previous position, it could ease the current downtrend and allow the market to forget the previous decline and move forward. According to the analyst, this rapid recovery, staying below critical price levels for a long time may erode investor confidence and increase selling pressure.
Bitcoin Locked in Daily Bullish Divergence
According to the analyst, Bitcoin is focused on a daily bullish divergence following a significant selling wave. A bullish divergence occurs when Bitcoin's price breaks new lows but an indicator (such as the Relative Strength Index-RSI) points to higher lows. This divergence usually indicates that bearish momentum is slowing and the market may reverse. For investors, this divergence can be considered a hopeful sign that Bitcoin may be on the verge of a potential recovery, despite its recent bearish trend.
The Importance of Bitcoin's $60,000 Level
Jelle emphasizes that it is of great importance for Bitcoin to regain the $ 60,000 level. This success could help restore confidence in the market and revive bullish momentum. $60,000 is critical as both a psychological and technical level; Exceeding this level may increase market sentiment and allow prices to move upwards.
Worrying Technical Indicators
However, Bitcoin lost its 200-day Exponential Moving Average (EMA) near $57,000. The 200-day EMA is a widely followed technical indicator that helps identify long-term trends. Losing this level may indicate that the downtrend may be strengthening and may suggest a change in the general market trend. However, this is not the first time in this cycle that Bitcoin has lost the 200-day EMA. It may follow a similar recovery pattern as in the past, or the results may be different this time.
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