Bitcoin Updates Today: Despite Bitcoin’s Drop, Positive Indicators Emerge—Could a Recovery Be Near?
- Bitcoin fell to $82,000, but a hidden bullish divergence on weekly charts suggests easing selling pressure and potential rebound. - Institutional outflows ($1.45B in ETFs) and surging on-chain losses ($523M/day) highlight deteriorating market conditions and panic selling. - Mid-sized investors (100-1,000 BTC) are accumulating while whales (1,000-10,000 BTC) distribute, signaling supply redistribution. - Key support at $80,000 and $85,389 could trigger stabilization, but sustained buying from institutions
Bitcoin has dropped to its lowest point in seven months, hovering around $82,000, but new technical and on-chain indicators are hinting at a possible change in direction. A concealed bullish divergence on the weekly chart—where the price continues to fall but momentum indicators like the Relative Strength Index (RSI) begin to stabilize or improve—has led some to believe that the selling pressure could be waning. This pattern, pointed out by analysts such as Ash Crypto, may signal a strong recovery
The recent slump has been driven by a mix of institutional withdrawals and worsening on-chain data.
Even with this negative backdrop, some fundamental shifts point to a possible bottom forming. Glassnode researchers observed that Bitcoin’s fall below $97,000 and subsequent dip to $89,000 has pushed its price under the STH cost basis, a historically bearish development that often leads to panic selling
Technical signals are mixed. The weekly RSI is at 33, indicating bearish momentum, but the hidden divergence could point to a reversal
Traders are also monitoring MicroStrategy’s cost basis at $74,433 and the 100-week EMA at $85,389, which could become key psychological and technical levels if the correction deepens. Should Bitcoin end the week below $85,389, the decline could continue toward $71,769, a price not seen since late 2022
The overall market remains unstable, with Bitcoin’s dominance at 56.6% and most altcoins following its downward trend
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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