It’s been a while since the global crypto market cap has been trading below $1 trillion- mainly due to the Bitcoin price which lost the crucial levels yesterday and fell to $18,000. However, now, BTC seems to be struggling for recovery and is currently trading at $19,281, up by 2.95% from the last day.
Amid such market uncertainty, it’s always helpful to seek out certain indicators which can provide some clarity to the situation. The Glassnode analytics claim that the SOPR chart (Spent output Profit Ratio) of Bitcoin is suggesting that traders and investors are bailing out their investment during the bear markets with the hope of getting a better entry in the future.
Also, the increasing inflation and Federal Reserve’s tightening financial measures have forced the market participants to sell their investments.
Bitcoin Price To See Short-Term Bull Run
The pump and dump pattern of Bitcoin is indicating an unpleasant September- which does not come as a shock as almost every September month for the last 9 years has been highly bearish. The dip that we’re likely to see this month could be a good opportunity to buy at good prices.
Bitcoin has yet again claimed the $19,000 price range because of which the relative strength index (RSI) is suggesting that there might be some short-term surge expected for Bitcoin price.
In particular, the RSI flashing a positive trend happens whenever the asset’s price forms a lower low and then the RSI indicator creates a higher high pointing towards a bullish future.
On the flip side, the overall crypto market is experiencing fear due to Europe’s increasing energy crisis as this calamity might even affect banking and global economic crises. Nevertheless, if history has to repeat itself, there will be a short-term bull run for the Bitcoin price.