Analysis: CryptoQuant contributor finds indicators of possible bottoming out of Bitcoin after 30% price drop
CryptoNewsTerminal Staff05 Aug, 2024
Analysis: CryptoQuant contributor finds indicators of possible bottoming out of Bitcoin after 30% price drop
Since Bitcoin fell by about 30% from $70,000, some indicators have given signals of a possible bottoming out. CryptoQuant contributor XBTManager analyzed that "this price drop was the steepest in the past 8 months. Also, the unsettled contract rate of change oscillator indicator suggests that there was a recent overheating of long bets and this adjustment has largely resolved this. Also, the on-chain indicator showing the current price against the realized price of 90 days shows that the current market price is falling below the realized price. At the -1.5 level of the standard deviation, there is a high probability of a technical rebound due to excessive selling in the short term." However, corrections may continue in the medium and short term.
