October 1, 2022

Bitcoin (BTC) remained in a consolidation phase since the May 11 crash, which saw the bellwether crypto sliding to $29K from $39K. The crypto exhibited bearishness within the past weeks as it struggled to overcome $30K. However, the past 24 hours catalyzed impressive upticks in the crypto world as BTC climbed beyond the hurdle.

While publishing this content, the crypto traded near $30,619, gaining 4.87% within the previous 24 hours. Though impressive, analysts believe bears dominate, and pullbacks might showcase. Furthermore, sellers have shown resilience, dragging BTC beneath the $30K region after any recovery attempt. The question is, will leading crypto will remain bearish, or upswings dominate.

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BTC to Repeat History?

Bitcoin has relied on the Relative Strength Index to detect trend shifts in the past, the reason the indicator’s current state raises eyebrows. Moreover, the crypto saw consistent declines as it remained inside the bearish territory for about 53 days. Though the situation seemed improved at this publication, BTC was yet to suggest decisive recoveries.

Nevertheless, it isn’t the only time Bitcoin explored such a bearish state. The king crypto saw similar moves between November and January when it traversed the territory for 80 days before dodging with an 11.4% uptick. The pessimistic phase had Bitcoin losing 41.09% on its charts to hit the $37.3K mark.

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Nevertheless, Bitcoin appeared to repeat history after dropping below the neutral level in April. The crypto already spent 53 days in the area and surrendering nearly 35.79% since. Further bearishness will drag BTC towards the $27K value area and consolidate at the mark until June end.

Though the possibility could appear implausible, no one expected a double fall in May. Moreover, many investors seem ready for consolidations as optimism shifts to fear. Though recovery hopes remain, they are yet to surpass the fear that the May session imposed on the market.

That fear contributed to the 101,250 BTC sale, worth around $3 billion after the crash, plus another 43,453 $BTC worth about $1.27 billion sales.

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Meanwhile, selling momentum might ease in the coming sessions, but only a closing past 30K will see investors buying.


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