๐ Bitcoin Bullish Again: Market Indicator Flips as Price Holds Above $60K ๐
The Bitcoin Bull-bear Market Cycle indicator has flipped to bullish, signaling renewed confidence among investors. After a brief dip, Bitcoin has stabilized above $60,000, marking a strong comeback. ๐
Key Insights:
- On-chain indicators: Several on-chain metrics that were on the brink have turned bullish once more. CryptoQuantโs Ki Young Ju notes, "Most Bitcoin on-chain cyclical indicators... have now shifted back to signaling a bull market." ๐
- Price recovery: Bitcoin dipped to $49,751 on August 5, its first drop below $50,000 since February. However, it bounced back quickly, trading above $60,000 by August 8. Current price: $60,732, as per CoinMarketCap. ๐
- Fear & Greed Index: The Crypto Fear & Greed Index has recovered from an "Extreme Fear" reading of 17 on August 6 to a "Neutral" score of 48, reflecting improved market sentiment. ๐
Market Sentiment:
Some traders believe the recent dip was a bear trap aimed at catching short-sellers off guard. While opinions vary, some analysts foresee a potential bull run, whereas others, like Markus Thielen from 10x Research, suggest that a dip into the low $40,000s might set the stage for the next major entry point. ๐ฎ
Ark Investโs report points to key support levels for BTC at $52,000 and $46,000. The next steps for Bitcoin will be crucialโwill it surge forward or retrace? ๐๐
#TONonBinance #CryptoMarketMoves #WBTCUnderScrutiny #MarketDownturn #Write2Earn! $BTC
