Bitcoin Price Reeling After 10% Selloff
Bitcoin price is currently trading at slightly above $26,000 per coin, but is still reeling after last week’s 10% single day selloff. The situation looks dire for crypto bulls who were hoping for a more significant recovery to begin after such prolonged sideways.
Recapping Recent BTCUSD Volatility
- Bitcoin had a solid start to 2023.
- However, bears celebrated after a sharp, 10% intraday selloff.
- The move caused more long liquidations and sent the Relative Strength Index into oversold territory.
- Bitcoin remains in a near-term uptrend with a bullish market structure.
Why Bitcoin Price Remains In A Structural Uptrend
- An uptrend is defined as a series of higher highs and higher lows.
- The recent uptrend in Bitcoin hasn’t made a lower low after a lower high.
- Even if a lower low happens, as long as there is no proper lower high, the overall bullish market structure is maintained.
- A lower low below the $25,000 low from June 2023 would potentially signal a bearish turn.
- The 2023 uptrend in Bitcoin has been muted compared to previous years.
Hot Take: Will Bitcoin See Massive Returns or Fall Back into Bearish Territory?
Bitcoin’s recent volatility and market structure suggest that it is still in an uptrend. However, the returns in 2023 have been modest compared to previous years. The question remains whether Bitcoin will see a resurgence and deliver massive returns or if it will fall back into the clutches of bears. Crypto investors and enthusiasts will need to closely monitor the market to find out.
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