For the first time since last year, Bitcoin is back below $60K and which myriads of persons are in consensus that the bull market is yet to be over, but according to one technical indicator, the short term trend has been taken over by bears.
The technical indicator is used in measuring the two bullish and bearish side of the coin and also used in checking which of the two is largely in control.
The indicator shows thus:
Bitcoin has been in an unstoppable bull trend since last March. The sheer power of the Black Thursday selloff caused a bullish impulse of polar proportions, amplified by the influx of fiat money supply.
In the stimulus funding madness, anything with any type of scarcity has skyrocketed in value. Even lumber is up 300% and trees grow everywhere. No wonder why an asset with a hard-capped supply of only 21 million has done so well.
The bull trend has been among the most powerful ever in the coin’s short history, but it has unfortunately taken a pause in the short term. According to the Average Directional Index, bears have taken over the price action in Bitcoin, and the recent bull trend has concluded.