With Bitcoin [BTC] rising above the $30K level at the beginning of June, HODLers may see this as a time to rejoice. However, at press time, BTC was trading below the $30K level and stood at $29,648 down by 2.6% in the last 24 hours.
BTC slipping below the $30k level may be a scary sight, especially after May, but the token has been showing some sort of improvements in its trajectory of late. As per data from CoinGecko, the token was up by 3.7% considering its performance in the last seven days. Furthermore, according to a tweet put out by the crypto education platform, Bitcoin Expert India, Bitcoin’s dominance, at press time, stood at 47% of the total cryptocurrency market.
A bull on the loose, then?
With an overall improvement in the cryptocurrency market, the king coin has shown signs of positive recovery. But, the bulls don’t seem to be in full control yet.
As per a tweet put out by Santiment, Bitcoin, on 3 June, witnessed massive trading volume in the last seven days and had the second-largest total trading volume since the token’s all-time high.
đź“Š #Bitcoin highlighted another major week full of major trading volume. Between the top 8 largest non-#stablecoins, the past 7 days were the 2nd largest total trading volume since $BTC‘s #AllTimeHigh, only trailing the massive dip week in early May. 🤯 https://t.co/DOJDWmxgww pic.twitter.com/I7GkFWNhso
— Santiment (@santimentfeed) June 2, 2022
Furthermore, Bitcoin’s exchange netflow volume stood at -23,286 as of 3 June. It someway asserts that Bitcoin permabulls have been still buying the dip.
Source: Glassnode
Additionally, the MVRV ratio stood at 1.25 on 3 June from 1.28 on 2 June. Thus, indicating that 44% of BTC holders are facing losses at the current price level. On the other hand, the NVT ratio stood at a score of 20.95 on 3 June, a drastic drop from the 53.16 that it stood at on 29 May.
The Awesome Oscillator (AO) flashed green bars on its histogram. But, it stayed below the zero line, indicating that the token’s road to recovery is going to be slow and steady. Moreover, the Relative Strength Index (RSI), for most of its sessions, moved sideways, below the neutral line. And, stood at 43.81, during press time.
Source: TradingView
Despite the unwelcoming month of May, the token has tried to regain its stride in the month of June. It is also expected that the token would perform better in the future given investors’ faith.
Additionally, crypto analyst Edris, posted a series of tweets, pointing out that the next few months could be a great opportunity for long-term investments considering that long-term HODLers have entered a phase of capitulation.
1- #Bitcoin Long-term holders’ capitulation phase has begun!🩸
Retweets would be appreciated!
Markets usually tend to put in bottoms when massive losses are inflicted on the market participants, an event which is known as “capitulation”. pic.twitter.com/Jld8AJGeKj
— Edris 💀 (@TradingRage) June 3, 2022
