Most altcoins were trading in the red on Tuesday evening as the cryptocurrency market cap plunged to $1.07 trillion. Meanwhile, Bitcoin deepened to the levels of $ 22.5000. Now crypto analysts like Tone Vays and Justin Bennet are debating whether current levels are bottoms…
Tone Vays sees multiple bullish signals for Bitcoin
First analyst Tone Vays says key technical metrics are bullish for Bitcoin following the recent sell-off. Alongside the new YouTube, Vays said he sees Bitcoin strong as the weekly chart gives multiple bullish signals. The MRI (momentum reversal indicator) and the holding of the 200-week moving average are bullish signs, according to the analyst. Sharing the technical chart below, the analyst says that the relationship of price to the MA line is different this time:
Bitcoin is about to pass the MACD. This is a bullish sign. We’ve been here before. It didn’t collect much, but I guess it’s different this time.
MRI and MACD are used to detect possible trend changes. Vays adds that two key technical indicators are also showing signs of strength for BTC. According to Vays, Chaikin money flow (CMF), which measures the buying and selling pressure of an asset, “looks promising”. In addition, the veteran trader says that the RSI, a momentum indicator that signals possible trend reversals, is also bullish. (5:50)
Bitcoin and altcoin market gives rare bottom signals
On the other hand, Twitter analyst nicknamed TechDev talks about the importance of 1-year HODL waves, a metric that tracks Bitcoin that has been dormant for over a year. In the previous three instances where static BTC peaked in 2012, 2015 and 2019, a rally soon followed. The analyst shares the following statistics on Twitter:
1 year+ HODL wave 200-day exchange rate peaks above 0.1. 4 signals in 11 years
Justin Bennet: Bitcoin bulls await the dollar
Crypto analyst Justin Bennet says Bitcoin bulls are waiting for the dollar. In his most recent tweets, he said the bulls were expecting a drop from the dollar’s intraday low of 105.05 to 103.
$DXY is bouncing from the 105 support area I mentioned on Monday.
Today's low so far is 105.05.#crypto bulls will want to see this channel break down to expose 103.
Tough times for risk assets while this is intact. $SPY $BTC $ETH pic.twitter.com/spgHpCGggi
— Justin Bennett (@JustinBennettFX) August 2, 2022
According to chart expert Ali Martinez, Bitcoin is testing resistance. A “clean close” in bitcoin price above $23,530 will allow it to retest the $24,400 supply zone.
#Bitcoin is testing resistance. A clean close above $23,530 and $BTC will likely retest the $24,400 supply zone.
I’m leaning for rejection but let’s wait for confirmation. https://t.co/IRHlOtnQQ4
— Ali Martinez (@ali_charts) August 2, 2022
What are Bitcoin miners doing in the current conditions?
Until May and June, the miners did their best, surviving the May 2021 crash. Hash rate hit an all-time high in June. However, with the June crash, the hash rate took a hit, dropping to 202 Eh/s.
As a result, mining difficulty also began to drop, hitting a four-month low. This was due to the disappearance of miners who had to shut down their machines due to rising operating costs and declining profits. This environment arose due to the price drop.
A month after hitting a three-and-a-half-year low, the Puell Multiple has rebounded from the extreme stress zone. But it shows that metric miners are still under stress.
As you follow on Kriptokoin.com, Bitcoin is trading above $23,000 again today. It is trading in the green around 2% today after dropping to $22,723.85 yesterday evening.
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