Despite the cops’ greatest efforts in the last few weeks, the price of Bitcoin does not appear to rise above $ 60,000 again and spend meaningful time above it.
Fundamentals are as bullish as it gets for the top cryptocurrency, but bearish tech data could ultimately have led sellers to step in. This is according to a CEO of a crypto company who warned that the intensity of the sales page has increased significantly in the past few hours. This has led to a growing belief that a bicycle canopy may be in place. Here is a closer look at why.
Bitcoin Bull runs on the ropes as technology goes against the fundamentals
Bitcoin price has had its best year in history, dollar for dollar and fundamentals, the flow of stocks and almost all other data suggests that the bull run is far from over.
The technicals have long been overheated given the strength of the bulls, leaving a large number of green monthly candles on the price chart with no serious corrective action taken. The once strong cryptocurrency has started to slow down and is specifically struggling with around $ 60,000.
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Indicators like the logarithmic MACD are decreasing the weekly timeframe for the first time since the bull began, and the quarterly candle just closed on the first bearish divergence in history. However, the top cryptocurrency has not been nearly corrected in the past.
But for none of these reasons could Joe Saz, CEO of Embily, cause the “Cycle Top”.
Bears have suddenly shown up just as the bull trend begins to falter | Source: BTCUSDT on TradingView.com
Why a Crypto CEO Says The Cycle Top Could Be In It
Joe Saz, like everyone else these days, regularly offers his thoughts on what could happen next in crypto. In his latest self-proclaimed “Chart Spam,” he warns of something that has the potential to make it to the top of the cycle.
Saz focuses on what is known as OB or order book analysis. He says the rising red wave in the indicator images above is “asking the dominance of aggregate spot markets,” which represents a “very serious sell side” with enough power to topple the bitcoin rally now struggling.
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This essentially means a sudden surge in sellers at current levels – even more so today as the price has gone up than it has recently. At this point there will be a showdown between bulls and bears, but also fundamentals versus technicals.
Fundamentals remain highly bullish on Bitcoin, but bearish technicals could at least cause the first serious correction, if not the peak of the cycle that Saz warns of.
Featured image from Deposit Photos, Charts from TradingView.com