- Bitcoin (BTC) price hit its 3-month-low at $25.3K on Saturday.
- BTC supply last active over 1-5 years attain new ATH.
After an intense episode of altcoins’ crash, cryptocurrency prices display their recovery rallies. Most importantly, Bitcoin’s (BTC) price marked its retracement into the $26,000 zone.
Last week, Bitcoin recorded its lowest weekly closing over the past 3 months. According to the data from TradingView, the BTC price closed at $25,350. Right now, this largest cryptocurrency is up for retesting its macro downtrend breakout. At press time, BTC traded at $26,111 with a 0.97% uptick.
Bitcoin (BTC) Price To A Breakout or Breakdown?
Expert traders continue to post their analyses pointing out two contrasting scenarios for BTC — a breakout toward the upside or a breakdown to the dismal downside.
Firstly, it is the opinion of Lark Davis, a famous crypto influencer. He highlighted the probability of BTC breaking the downtrend, similar to the 2015 and 2019 markets. Two metrics, BraveNewCoin Bitcoin Liquid Index (BNC-BLX) and the monthly MACD, were part of his analysis.
Is it really this easy?
Simple Bitcoin chart.
Long term downtrend line has broken.
Monthly MACD edging closer to a bullish cross. Previous crosses have signaled the start of massive rallies. pic.twitter.com/9LyFDOu7oM— Lark Davis (@TheCryptoLark) June 13, 2023
Evidently, as per the chart, the MACD line is moving closer to the signal line. If a bullish cross is observed, BTC would confirm its upswing. On the other hand, another prominent crypto analyst known as RektCapital highlighted the confirmative breakdown signals.
His analysis was centered on the last weekly close marked by Bitcoin (BTC) below the 200 EMA — around $26K. At the time of analysis, the price of BTC/USD was closer to the 200 EMA line. An uptrend would disprove the breakdown signals and the opposite would confirm the crypto’s new bottoms.
Moreover, the accumulation of BTC by giant whales dropped to an “equilibrium,” as reported by Glassnode. The ongoing Bitcoin (BTC) market sentiment also transitioned to the fear zone.
Meanwhile, this largest crypto receives vital support from the Crypto community worldwide. Interestingly, on Monday, 500 enthusiasts in Argentina formed a 40-meter “B” of Bitcoin by holding up orange umbrellas. On Saturday, the BTC logo was projected on the walls of the central bank of the Czech Republic. Over 5 years ago, the bank’s statement — “Don’t be afraid of Bitcoin” — garnered attention from Bitcoin maximalists and criticism from fiat lovers.
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