Bitcoin (BTC) is displaying signs of a price resurgence while activity on its network is declining, as indicated by a technical analysis conducted by renowned crypto expert Ali Martinez on May 14.
Martinez’s analysis reveals that the TD Sequential indicator on the hourly chart for Bitcoin is currently indicating a buy signal, suggesting an impending price recovery.
Bitcoin, the largest cryptocurrency, has experienced a significant surge in the market recently. After a period of relative stagnation over the weekend, with fluctuations around $61,000, the beginning of this week marked a turning point for the asset.
At the time of writing, the price of Bitcoin was quoted at $62,572.73, reflecting a 1.0% increase in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of $22,284,080,094.
Martinez also observed a decline in Bitcoin network activity on a chart from analytics platform Santiment, following recent market lows. “Bitcoin network activity continues to decline. Most importantly, BTC whales appear to be taking a break, with the number of large transactions also decreasing, as shown by Santiment data!”
According to the analyst, the current Bitcoin accumulation trend score is close to 0, indicating that larger entities are either distributing or not accumulating BTC tokens.
Bitcoin is now leaving the “danger zone” and making strides towards a strong recovery, as indicated by an analyst named Rekt Capital. He suggests that BTC is following a pattern observed in the 2016 post-halving cycle. Through a detailed analysis shared on the social network X, Rekt Capital stated that Bitcoin has finally moved past the post-halving “danger zone” and is on its way to reaching new heights.
During the analysis, Rekt Capital emphasized, “Bitcoin’s post-halving ‘danger zone’ (purple) is officially over. And Bitcoin is celebrating with a nice recovery from the low support of the reaccumulation range.”
Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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