🚨🚨 ENGAGEMENT in The US and GERMAN GOVERNMENTS over BITCOIN ASSETS 🚨🚨

Recently, #Bitcoin experienced a dip below $60K, sparking concerns among holders and speculation about the end of the bull market with predictions of a decline to $50K or lower. However, a closer look at the data suggests that $58.5K may have marked the bottom:

1) Bitcoin RSI Bottom

- Following the drop to $58.5K, Bitcoin's weekly RSI hit an 8-month low.

- Historically, such RSI levels preceded significant reversals, notably when Bitcoin was at $28,000.

2) MVRV Below 1

- The Market Value to Realized Value ratio (MVRV) fell below 1, typically indicating a bottom in bull markets.

- This signals nearing capitulation and suggests the market has found its bottom.

3) June Bottom History

- Over the past four years, Bitcoin has consistently bottomed out in June:

- 2020: $9,000

- 2021: $29,500

- 2022: $19,000

- 2023: ~$24,900

- The recent drop below $59K aligns with this historical trend.

4) OI Down, Funding Reset

- Bitcoin's Open Interest (OI) dropped by 20% post-crash, with funding rates turning negative.

- This indicates a purge of retail greed, fostering a healthier market environment.

- Such scenarios often precede short liquidations and potential price rebounds.

Regarding the current market dynamics:

Mt. Gox Distribution: Scheduled to start soon, it's anticipated to extend until Q4, with participants unlikely to dump BTC en masse during a bull market.

Market Absorption: Bitcoin is capable of absorbing significant selling pressure, minimizing the potential impact of these sales.

Outlook: Unless influenced by unforeseen events like war or black swan events, a drop to $50K appears improbable based on current market conditions.

In summary, despite recent volatility, indicators point to potential resilience in Bitcoin's price trajectory, suggesting $58.5K might have been a pivotal support level in the current market cycle.

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