{"id":459330,"date":"2021-03-23T20:00:34","date_gmt":"2021-03-23T20:00:34","guid":{"rendered":"https:\/\/uniquehot.com\/?p=459330"},"modified":"2024-06-11T11:42:46","modified_gmt":"2024-06-11T11:42:46","slug":"bitcoin-technicals-fundamentals","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-technicals-fundamentals\/","title":{"rendered":"Bitcoin Technicals Overheated, But Bullish Fundamentals Remain Unfazed"},"content":{"rendered":"<p><a href=\"https:\/\/uniquehot.com\/analysis\/btc\/bitcoin-drops-to-54k\/\">Bitcoin price is currently reeling<\/a> due to a series of rejections above $60,000. After such a powerful impulse upward, technicals are severely overheated and beginning to turn down.<\/p>\n<p>But regardless of any technical-driven selloff that might result, such continued bullish fundamentals in the leading cryptocurrency by market cap could keep prices from going too low, and rebounding quickly even if they do.<\/p>\n<h2>Bearish Bitcoin Technicals Hint At First Serious Correction Ahead<\/h2>\n<p>After six full months of green candles and growth of nearly $10,000 per month <a href=\"https:\/\/uniquehot.com\/analysis\/btc\/coinbase-bitcoin-outflows-bullish\/\">during that bullish stretch<\/a>, the top cryptocurrency is finally starting to pull back from record highs.<\/p>\n<p>With the critical <a href=\"https:\/\/uniquehot.com\/analysis\/btc\/bitcoin-close-march-quarterly-bear-signal\/\">quarterly close just a week away<\/a>, Bitcoin would need to pump by more than $30,000 to avoid the first ever bearish divergence. Most timeframes below it down to the weekly, are also starting to signal a downturn ahead.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large wp-image-459345 aligncenter\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/03\/bitcoin-bearish-technicals.png?resize=860%2C399\" alt=\"bitcoin bearish technicals\" width=\"860\" height=\"399\"><\/p>\n<pre style=\"text-align: center\">Several technical indicators suggest that Bitcoin should see a correction ahead | Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p>The MACD \u2013 a momentum measuring indicator <a href=\"https:\/\/bitcoinist.com\/bitcoin-weekly-momentum-indicator-flips-bearish-for-first-time-since-2020\/\" rel=\"nofollow\">has flipped bearish<\/a> for the first time in months, while the Stochastic indicator is running out of room within an ascending trendline after spending all of 2021 so far in zone that leaves the cryptocurrency exposed to the risk of a reversal.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/analysis\/btc\/coinbase-bitcoin-outflows-bullish\/\">Coinbase Bitcoin Outflows Are The Strongest Bullish Signal \u201cEver\u201d<\/a><\/strong><\/em><\/p>\n<p>The weekly <a href=\"https:\/\/uniquehot.com\/topic\/relative-strength-index\/\">Relative Strength Index<\/a> also lost the uptrend line, and has since confirmed it as resistance, matching the pattern from the 2019 peak.<\/p>\n<p>This is just the tip of the iceberg in terms of bearish signals, but fundamentals are here to save the day.<\/p>\n<h2>Why Fundamentals Will Keep The Crypto Bull Market Running Strong<\/h2>\n<p>There&#8217;s no denying that by most technical indicator&#8217;s standards, things should be bearish for Bitcoin and could be in terms of price action in the near term.\u00a0However, <a href=\"https:\/\/uniquehot.com\/analysis\/btc\/coinbase-bitcoin-outflows-bullish\/\">fundamentals are simply so strong<\/a>, that even this heated of technical signals won&#8217;t stay that way very long with a decent reset in price action.<\/p>\n<p>Any corrections in Bitcoin are likely to be bought up extremely fast due to the ongoing secular shift, and limited supply.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large wp-image-459359 aligncenter\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/03\/EwqzS_dWgAosy-2.jpg?resize=860%2C430\" alt=\"BTC reserves\" width=\"860\" height=\"430\"><\/p>\n<pre style=\"text-align: center\">On-chain metrics show BTC reserves remain low, and fundamentals are healthy | Source: <a href=\"http:\/\/glassnode.com\" target=\"_blank\" rel=\"noopener nofollow\">glassnode<\/a><\/pre>\n<p>The amount of BTC held on exchanges continues to diminish, with more than ten thousand of what little coins remain <a href=\"https:\/\/uniquehot.com\/analysis\/btc\/coinbase-bitcoin-outflows-bullish\/\">leaving Coinbase at a weekly rate<\/a>.<\/p>\n<p>There&#8217;s already a supply shock due to the cryptocurrency&#8217;s halving last year, and the sudden demand from institutions and corporations with deep wallets.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large wp-image-459363 aligncenter\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/03\/EwsAynBXIAIpNGs.png?resize=860%2C484\" alt=\"bitcoin hodl waves\" width=\"860\" height=\"484\"><\/p>\n<pre style=\"text-align: center\">Holders have very little interest in selling at current levels. Will it pay off? | Source: <a href=\"http:\/\/glassnode.com\" target=\"_blank\" rel=\"noopener nofollow\">glassnode<\/a><\/pre>\n<p>Bitcoin investors during this cycle, have mostly been unwilling to sell and haven&#8217;t reached the peaks that are reminiscent of past bull market tops.<\/p>\n<p><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bullish-bitcoin-miners-selling-since-2020\/\">Bitcoin miners have also reduced the sell pressure<\/a> they were putting on the market, leaving only large sized whales left to help push overheated technicals along.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bullish-bitcoin-miners-selling-since-2020\/\">Bullish Bitcoin Miners Cease Selling For The First Time Since 2020<\/a><\/strong><\/em><\/p>\n<p>These whales have indeed been selling, causing one of the largest reductions in wallets of whale size historically. With big sellers who bought coins long ago finally gone, all that&#8217;s left are an incoming wave of whales, ready to buy what&#8217;s available of the dwindling supply.<\/p>\n<p>This could indicate, that any deeper selloff will be swift, violent, but lead back to higher prices ultimately, thanks to just how bullish Bitcoin fundamentals are.<\/p>\n<pre>Featured image from Deposit Photos, Charts from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is currently reeling due to a series of rejections above $60,000. After such a powerful impulse upward, technicals are severely overheated and beginning to turn down. But regardless of any technical-driven selloff that might result, such continued bullish fundamentals in the leading cryptocurrency by market cap could keep prices from going too low, and rebounding quickly even if they do. Bearish Bitcoin Technicals Hint At First Serious Correction Ahead After six full months of green candles and growth of nearly $10,000 per month during that bullish stretch, the top cryptocurrency is finally starting to pull back from record highs. With the critical quarterly close just a week away, Bitcoin would need to pump by more than $30,000 to avoid the first ever bearish divergence. Most timeframes below it down to the weekly, are also starting to signal a downturn ahead. Several technical indicators suggest that Bitcoin should see a correction ahead | Source: BTCUSD on TradingView.com The MACD \u2013 a momentum measuring indicator has flipped bearish for the first time in months, while the Stochastic indicator is running out of room within an ascending trendline after spending all of 2021 so far in zone that leaves the cryptocurrency exposed to the risk of a reversal. Related Reading | Coinbase Bitcoin Outflows Are The Strongest Bullish Signal \u201cEver\u201d The weekly Relative Strength Index also lost the uptrend line, and has since confirmed it as resistance, matching the pattern from the 2019 peak. This is just the tip of the iceberg in terms of bearish signals, but fundamentals are here to save the day. Why Fundamentals Will Keep The Crypto Bull Market Running Strong There&#8217;s no denying that by most technical indicator&#8217;s standards, things should be bearish for Bitcoin and could be in terms of price action in the near term.\u00a0However, fundamentals are simply so strong, that even this heated of technical signals won&#8217;t stay that way very long with a decent reset in price action. Any corrections in Bitcoin are likely to be bought up extremely fast due to the ongoing secular shift, and limited supply. On-chain metrics show BTC reserves remain low, and fundamentals are healthy | Source: glassnode The amount of BTC held on exchanges continues to diminish, with more than ten thousand of what little coins remain leaving Coinbase at a weekly rate. There&#8217;s already a supply shock due to the cryptocurrency&#8217;s halving last year, and the sudden demand from institutions and corporations with deep wallets. Holders have very little interest in selling at current levels. Will it pay off? | Source: glassnode Bitcoin investors during this cycle, have mostly been unwilling to sell and haven&#8217;t reached the peaks that are reminiscent of past bull market tops. Bitcoin miners have also reduced the sell pressure they were putting on the market, leaving only large sized whales left to help push overheated technicals along. Related Reading | Bullish Bitcoin Miners Cease Selling For The First Time Since 2020 These whales have indeed been selling, causing one of the largest reductions in wallets of whale size historically. With big sellers who bought coins long ago finally gone, all that&#8217;s left are an incoming wave of whales, ready to buy what&#8217;s available of the dwindling supply. This could indicate, that any deeper selloff will be swift, violent, but lead back to higher prices ultimately, thanks to just how bullish Bitcoin fundamentals are. Featured image from Deposit Photos, Charts from TradingView.com<\/p>\n","protected":false},"author":517,"featured_media":459334,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,78790,6664,4524,76835],"class_list":["post-459330","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Technicals Overheated, But Bullish Fundamentals Remain Unfazed<\/title>\n<meta name=\"description\" content=\"Bitcoin price is currently reeling due to a series of rejections above $60,000. 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \\\"The Bull,\\\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \\\"The Bull\\\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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