5 bullish arguments that Bitcoin price just bottomed at $53K
Bullish divergence on the price chart, September rate cut prospects, and increasing M2 supply are some catalysts that could resume the Bitcoin bull market cycle.
Despite Bitcoin (BTC) price volatility and five-month lows, several key indicators suggest that the bulls may still have the upper hand, hinting at a potential resurgence in the BTC price trajectory.
Bitcoin has faced a turbulent start this month, plummeting over 10.50% to hover around $57,000 as of July 7. At its lowest point, BTC touched $53,550, its losses led by fears of a market dump due to Mt. Gox’s ongoing reimbursement of over 140,000 BTC to its clients and the German government’s BTC liquidations.
The latest Bitcoin price decline was accompanied by a growing divergence between falling prices and the rising relative strength index (RSI). This divergence typically indicates that the selling pressure is weakening, even though the price continues to slump.
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Author: Yashu Gola
