It’s been a while since the global crypto market cap has been trading below $1 trillion- mainly due to the Bitcoin price which lost the crucial levels yesterday and fell to $18,000. However, now, BTC seems to be struggling for recovery and is currently trading at $19,281, up by 2.95% from the last day.
In the midst of such market uncertainty, it is always helpful to look for some indicators that can provide some clarity to the situation. Glassnode Analytics claims that the SOPR chart of Bitcoin is suggesting that traders and investors are hedging their investments during bear markets with the hope of getting better penetration in the future.
Also, the increasing inflation and Federal Reserve’s tightening financial measures have forced the market participants to sell their investments.
Bitcoin price to watch for short-term bull run
Bitcoin’s pump and dump pattern is indicating an unpleasant September – which does not come as a shock as almost every September month for the past 9 years has been extremely bearish. The drop we may see this month could be a good opportunity to buy at good prices.
Bitcoin has yet again claimed the $19,000 price range because of which the relative strength index (RSI) is suggesting that there might be some short-term surge expected for Bitcoin price.
Specifically, the RSI flashing a positive trend occurs when the asset price makes a lower low and then the RSI indicator makes a higher high indicating a bullish future.
On the flip side, the overall crypto market is experiencing fear due to Europe’s increasing energy crisis as this calamity might even affect banking and global economic crises. Nevertheless, if history has to repeat itself, there will be a short-term bull run for the Bitcoin price.
