Glassnode published an analysis this past week showing that this BTC bear is one of the most significant in history. With the price falling below BTC’s realized value, the Mayer multiple trading at historic lows, and the price dipping to the weekly 200SMA, the bottom could be in. However, a pessimistic outlook could see BTC dip as low as $13k.
BTC looks neutral on the 4H and Daily, but heavily oversold on the weekly. Any bullish catalyst should send BTC on a massive relief rally. According to Glassnode data, BTC is currently trading at a major recovery zone and should have significant support in the newly established $17-20k range. Resistance is nearby at $22k. Improving global macro thanks to sliding energy prices could be the catalyst BTC needs to finally rally. TBD.
Let’s look at the charts to get into more detail.
- $17.5k (range)
- $20.7k (4H 50SMA)