Last weekend, Bitcoin experienced a flash crash that pushed the BTC rate back to $42,000. After that, the market rebounded and stabilized around $49,000.
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The Bitcoin crash on December 4 was triggered by a cascading liquidation of futures contracts. This was the second-largest such event in 2022, resulting in traders losing 58,202 BTC.
Meanwhile, Bitcoin price performance since Q2 2021 indicates a long period of consolidation under the important 1.618 Fib resistance level. There is reason to believe that this was the final shakeout of BTC positions, which will be followed by a new bullish impulse wave. However, a comparison of the current fractal with previous BTC cycles reveals both similarities and structural differences.
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Structural deviations
However, @TechDev_52 also warned about some “structural deviations.” The white line of the previous peak has been broken. In addition, the price failed to hold the so-called bull market support band formed by the weekly 20 MA and 21 EMA. Historically, this has often been a signal of a trend reversal.
However, despite these bearish signs, the analyst notes that BTC has rebounded from the weekly 50 MA, which also acted as support near the July lows.
If, despite some deviations, Bitcoin maintains its fractal structure, it will have a chance to develop growth. However, for this to happen, the bulls need to break above the 1.618 Fib level around $61,500 and turn this area into support.
read the latest technical analysis on Bitcoin here .
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Cryptocurrency news is updated daily and collected from various sources. Save this page to bookmarks and stay up to date with events in the cryptocurrency world. Our cryptocurrency news is always fresh and relevant! Also on our website you can listen to good music in the “Radio” section and watch TV in the “” section.
