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The other day, bitcoin tested the $39,000 milestone, but today it makes a reverse reversal again and falls to 36,500 with an inherent growing correlation with the US stock market.
The cryptocurrency market has frozen at a crossroads, and many other altcoins continue to fall after bitcoin. Due to the fact that the Federal Reserve continues to put sticks in the wheels of bitcoin due to increasing inflation.
Bitcoin now has the lowest RSI level since last spring, when it was at an all-time low at the height of the pandemic. Bitcoin has run out of potential, and a very low RSI is evidence that digital gold is oversold.
Marcus Sotiriou, an analyst at GlobalBlock, a British broker specializing in digital assets, is sure that now is not the most suitable situation for speculation.
Now is the time to buy bitcoin only for those who sincerely believe in digital gold and are ready to keep it in their portfolio for five or even 10 years, and at the same time remain at a loss.
The MVRV coefficient is currently 1.50, and this may indicate that the unrealized profit for bitcoin wallets is 50%. This is not an indicator of a possible reversal and the beginning of a bull run, since the facts are stubborn, and they say that the end of the bear market comes when the MVRV coefficient is below one.
Sotiriou is confident that bitcoin is currently in an uncertain state and is more vulnerable than ever due to pressure on it from the Fed, as well as problems in Russia and Kazakhstan.
Now bitcoin is near the range of around $30,000. And now bitcoin is under the power of bears who keep the situation under their control. New bulls are hesitant to buy bitcoin.
It will be a very long process of bitcoin recovery and overcoming the $40,000 milestone. If bitcoin fails to settle at the support level of 32,500, then it will continue to fall further, and this may already be a very alarming bell for the future of the digital currency.
Sotiriou also believes that the global adaptation and adoption of bitcoin as a legal means of payment, referring to the experience of El Salvador, will help bitcoin recover and start a bullish movement.
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