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Bitcoin Rallied 300% Last Time This Signal Appeared. It Just Happened Again


Bitcoin Rallied 300% Last Time This Signal Appeared. It Just Happened Again

After rallying as high as $10,400 earlier this week, Bitcoin plunged by nearly $2,000 in 24 hours on BitMEX. It was a move that liquidated over one hundred million worth of derivatives positions. Analysts were quick to respond to the move with expectations of downside in the crypto market. One trader shared that BTC’s price action is suggestive of a return to the $6,000s or $7,000s. Others echoed this. But according to a macro indicator last seen at the start of 2019’s bull run, bulls remain in control of the cryptocurrency market’s trend.

Bitcoin Prints Macro Reversal Indicator

From the $3,700 lows seen in March, BTC has mounted a steep reversal in step with the stock market. Even after the aforementioned rejection, the cryptocurrency is still trading over 150% higher than those March lows. The reversal has allowed Bitcoin’s trend to flip bullish on a macro time frame for the first time since early-2019, according to a trader. Read More...