2 Bitcoin price indicators suggest BTC has not bottomed yet

2 Bitcoin price indicators suggest BTC has not bottomed yet

Traders are using various strategies to determine whether Bitcoin price has bottomed, but on-chain activity and derivatives data hint that the situation remains precarious.

Has Bitcoin price bottomed yet? According to @noshitcoins, derivatives and on-chain data signal that further downside could be in store.

Traders have been trying to time the much-anticipated trend reversal ever since Bitcoin (BTC) initiated its 48% correction to $30,000 on May 12. The move culminated with $12 billion worth of futures long positions being liquidated, and to date, trader’s confidence remains somewhat dampened.

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The community started looking everywhere for trend reversal signs, including technical patterns, United States CPI inflation data and Bitcoin exchange deposits. For example, some analysts stated that a higher high, followed by a move above $40,000, would be enough.

We need to make a new Higher High to confirm a local bottom.

Reclaim 40k and we can start talking about a sustained move back to 50k.#Bitcoin pic.twitter.com/myeWXIYWpp

— Inmortal (@inmortalcrypto) May 24, 2021

However, two days later, Bitcoin

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