According to external sources, after weeks of weakness, Bitcoin has emerged as a new technical observation point. According to John Bringer, founder of the Brink Belt Indicators, a more complex set of double-bottom W forms is being formed on the dailies, which could become a lopsided signal for a few of the recent remaining reservations.
Blinger proposes a double-bottom view.
Reports indicate that Bitcoin has tried several times before to create a rebound structure, but has been interrupted by a continuing downward trend. Blinger mentioned this Thursday that, in the current price fall, a three-part bottom structure had been formed near the Bryn strip de-orbit and a W-form had been gradually crafted.
In his view, this pattern was marked by a stylistic characteristic, i.e. a similar pattern at a smaller level within the larger structure. In this way, the current day-line adjustment is not only short-line fluctuations, but may also be part of a larger cyclical structure.
Critical position is $65,000.
The article argues that Bitcoin could use this to end the downward trend that has been going on for months if this dailies structure continues to be in place and to break the central high point of approximately $65,000. This position is considered to be the main observation point of whether the current form is complete.
To date, however, this has been judged at the level of technical analysis and the market has not given a clear signal of confirmation. Bitcoin ' s latest report was US$ 61,556, with only a mild recovery from the previous period.
ETF financial flows remain a source of pressure
In addition to the graph form, the market is still under external pressure. Reports indicate that the continued outflows of spot bitcoin ETFs and market concerns about the prospect of higher interest rates continue to suppress risk asset performance and reduce the sustainability of the rebound.
This means that even if technological patterns begin to improve, the real reversal of the trend in prices will depend on whether the flow of funds is tempered with macroeconomic expectations. This group of W forms provides a new framework of observations for the market, but has not yet changed the overall sense of caution.