Bitcoin: Assessing whether or not a local bottom has been reached

Bitcoin [BTC]: Assessing whether or not a local bottom has been reached

price, which saw a 6% decline in the last week, may have hit a local bottom at the $24,000 price mark.

According to Wedson, with the Taker Buy Sell Ratio indicator, analysts have found that the 350-day MA and 100-day EMA can identify BTC’s price trend changes.He noted further that the 100-day EMA crossing a value line of one could also signal local tops and bottoms, presenting buying or selling opportunities.

This, according to Wedson, might have ushered in a bear cycle that might result in a downward trend in BTC’s price.In terms of identifying local price bottoms for cryptocurrency assets, some on-chain metrics have been effective in that regard. One of the most effective indicators is Age Consumed, which monitors the behavior of previously inactive coins on the blockchain.

Since long-term holders and experienced traders seldom make impulsive decisions, a renewed activity of dormant coins often corresponds with significant changes in market conditions.A look at BTC’s age consumed revealed a spike in its Age Consumed metric on 22 February, when the king coin traded at $23,700. BTC’s price spent the next three days rallying to trade at $24,100, at press time.

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