Bitcoin has climbed more than 10% from its recent lows below 58000 yet the shadows of bearish pressure still linger around every corner 🖤. Analysts like Ali Martinez warn that bulls have not secured victory while Ted Pillows sees further dips ahead for both BTC and the S&P 500 though he expects crypto to shine brighter once the dust settles.
Bearish Shadows Still Linger 🦇
Martinez highlighted three key on-chain signals that must flip before any real reversal can unfold. The adjusted spent output profit ratio stays stuck under 1 which means most holders are dumping at a loss on average 🌑. He noted the first clear sign of bullish momentum would arrive once this metric crosses back above zero.
“The first technical confirmation of a trend reversal from bearish to bullish will be the aSOPR metric crossing back above zero,” the analyst said.
The Puell Multiple also paints a gloomy picture by showing miners stuck in low profitability zones after that massive exodus earlier this year 🔮. Reserve Risk Multiple sits below 1 too reflecting shaky long-term holder conviction so Bitcoin needs those three lines to break upward in sequence before a fresh bull phase can be confirmed.
The 82000 Level Holds Dark Secrets 🕸️
Michaël van de Poppe points to 82000 as the battleground where the 50-week moving average rests 🕷️. History shows this line often acted like a final gate that marked the true end of prior bear runs once reclaimed. BTC must first clear the 21-week moving average near 75000 before charging toward that heavier 50-week hurdle.
Separately Ted Pillows noted the tight correlation between Bitcoin and the S&P 500 predicting both will slide more in coming months yet crypto should outperform after the last drop. Right now the index sits up over 10% for the year while BTC lags down nearly 27%. 🌙
Just another echo from the void by iconofsin.eth 💖
