 ▲ Bitcoin (BTC) |
Cryptocurrency media outlet Cointelegraph reported that the fight to sustain Bitcoin (BTC)'s bull market is ongoing, but there is not enough upward momentum.
Analysis of CoinGlass data shows that Bitcoin fell 7% in June and 12% throughout the second quarter of this year. Right now, market participants are maintaining a cautious attitude, and there is still potential for sentiment to improve.
Keith Alan, co-founder of trading platform Material Indicators, said: “Bitcoin has had a nice rally from the lows, but the bulls are currently above the 21-week moving average (MA) near $64,000. “It appears that there is not enough momentum to close,” he explained.
Currently, Bitcoin lacks momentum to hold the key resistance level near $64,000. This section is also the section that serves as the cost standard for short-term hodlers. The short-term holder's cost basis, also called realized price, reflects the total purchase price of the coins acquired by the speculator. $64,000 has served as a support level throughout the current bull market except for August of last year.
According to Daily Issues, cryptocurrency analyst Rekt Capital noted the high point of the Pi Cycle and argued that Bitcoin is currently undervalued.
Picycle is an indicator that analyzes the 111-day moving average (DMA) and several 350DMAs. When an asset falls below 111DMA, there is usually an opportunity for bulls to push for low price buying.
Rect Capital said, “Considering this year when the halving occurred, it is important to hold assets at a price lower than 111DMA.”
