This Bitcoin Metric Hints At Bottom, Is BTC Out The Woods?

This Bitcoin Metric Hints At Bottom, Is BTC Out The Woods?


Bitcoin has chosen violence. The first crypto by market cap trades at $57,873 with a 3% loss in the daily and an 11.2% loss in the weekly chart.

BTC on a downtrend in the daily chart. Source: BTCUSD Tradingview

After making a push close to $60,000 Bitcoin was rejected and has trended to the downside for the past 2 hours. The benchmark crypto might have reacted to the potential re-appointment of the U.S. FED Chair Jerome Powell to his position for a second term.

Related Reading | This Bitcoin Metric Hints At Bottom, Is BTC Out The Woods?

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Data from Material Indicators suggest the move to the upside was driven by investors with orders with an estimated value above $1 million (whales). As seen

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