{"id":530775,"date":"2023-05-09T20:00:29","date_gmt":"2023-05-09T20:00:29","guid":{"rendered":"https:\/\/uniquehot.com\/?p=530775"},"modified":"2024-06-11T08:05:47","modified_gmt":"2024-06-11T08:05:47","slug":"bitcoin-bull-run-higher-time-frames-still-bullish-despite-correction","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-bull-run-higher-time-frames-still-bullish-despite-correction\/","title":{"rendered":"Bitcoin Bull Run: Higher Time Frames Still Bullish Despite Correction"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Bitcoin (BTC), the largest cryptocurrency in the market, has been trading sideways since experiencing a drop of over 5% on Monday. Despite this decline, Bitcoin has found support at $27,200, preventing further drops that could potentially jeopardize the next bull run of the leading cryptocurrency.<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, many investors wonder whether Bitcoin will show any signs of recovery shortly. Will the cryptocurrency market see a resurgence of bullish sentiment, or will the current bearish trend continue?<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/avalanche\/avax-enters-the-green-zone-after-losing-gains-as-bulls-gain-momentum\/\" target=\"_blank\" rel=\"noopener \">AVAX Enters The Green Zone After Losing Gains As Bulls Gain Momentum<\/a><\/div>\n<h2><b>Bitcoin&#8217;s 70-Day Correction, Is May 19th The End Date?<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Jesse Olson, an experienced cryptocurrency analyst, has recently shared his <\/span><a href=\"https:\/\/twitter.com\/JesseOlson\/status\/45432328?s=20\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">insights <\/span><\/a><span style=\"font-weight: 400\">on Bitcoin&#8217;s performance since the bottom. According to Olson, Bitcoin has experienced two major breakouts since its lower lows, with the first resulting in a 54% gain and a subsequent correction of 22% that took 70 days from a pivot low to a pivot low. The second breakout has resulted in a 58% gain, followed by a current correction of 13%.<\/span><\/p>\n<figure id=\"attachment_530776\" aria-describedby=\"caption-attachment-530776\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-530776\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/FvocGQHaYAIHgSd.png?resize=860%2C527\" alt=\"Bitcoin \" width=\"860\" height=\"527\"><figcaption id=\"caption-attachment-530776\" class=\"wp-caption-text\">BTC&#8217;s potential downside targets. Source: <a href=\"https:\/\/twitter.com\/JesseOlson\/status\/45432328?s=20\" target=\"_blank\" rel=\"noopener nofollow\">Jesse Olson on Twitter.<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">However, Olson points out that Bitcoin&#8217;s price could reach the third target if the second breakout experiences a -22% correction. He also notes that if it takes 70 days from pivot low to pivot low, this correction will last until May 19th. It&#8217;s important to note that these scenarios won&#8217;t be the same, but higher time frames are still bullish.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Furthermore, if Bitcoin fails to hold its current trading level at $27,400, it risks losing its 50-day moving average. Despite this, the cryptocurrency&#8217;s biggest support floor is still thousands of dollars below its current mark, at $24,600, noted by the yellow line below (200dMA). According to Jesse Olson&#8217;s analysis, this level would represent one of the three targets if the decline continues.<\/span><\/p>\n<figure style=\"width: 1813px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large\" src=\"https:\/\/www.tradingview.com\/x\/HYYpeMB6\/\" alt=\"Bitcoin \" width=\"1813\" height=\"858\"><figcaption class=\"wp-caption-text\">BTC downside price action continues on the 1-day chart. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/imgb0rW1\/?symbol=BINANCE%3ABTCUSDT\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/is-the-next-bitcoin-bull-run-tied-to-the-us-presidential-elections-heres-what-history-tells-us\/\" target=\"_blank\" rel=\"noopener \">Is the Next Bitcoin Bull Run Tied To The US Presidential Elections? Here\u2019s What History Tells Us<\/a><\/div>\n<h3><b>Signs Point To Prolonged Volatility Suppression In Bitcoin Market<\/b><\/h3>\n<p><span style=\"font-weight: 400\">The cryptocurrency market has been characterized by prolonged volatility suppression in recent days. According<\/span><a href=\"https:\/\/twitter.com\/kingfisher_btc\/status\/54210049?s=20\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">\u00a0<\/span><\/a><span style=\"font-weight: 400\">to the analysis firm King Fisher,<a href=\"https:\/\/twitter.com\/kingfisher_btc\/status\/54210049?s=20\" target=\"_blank\" rel=\"noopener nofollow\"> this is causing a sense<\/a> of \u201cpent-up energy\u201d that is expected to be unleashed. Signs show that the market is setting up to hunt x20 leverages, which has caught the attention of the analysis firm.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">King Fisher&#8217;s analysis suggests that the current calm in the Bitcoin market may be the calm before the storm, with a potential surge in volatility looming. Furthermore, per King Fisher\u2019s analysis, the cryptocurrency market is currently experiencing a short ratio hovering around 60-70%, indicating a potential short squeeze.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">In addition, motivated sellers who are in a rush to convert their assets into cash are appearing on the scene, potentially missing out on potential upside gains. One key player in the recent marginal seller in the Bitcoin market could be linked to Digital Currency Group\u2019s (DCG) potential sell-off of some assets to restructure its financial plan to pay to its subsidiary Genesis.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Meanwhile, the open interest (OI) in the Bitcoin market remains fairly stable, with many investors waiting for a settlement or locking in synthetic USD. This suggests that many investors are cautious, waiting for more certainty before making any major moves.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Despite the uncertainty, many experts remain bullish on the long-term prospects for Bitcoin and other cryptocurrencies. With increased adoption and institutional investment, the cryptocurrency market will likely continue to play a major role in the global financial landscape for years.<\/span><\/p>\n<p>Featured image from Unsplash, a chart from TradingView.com<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC), the largest cryptocurrency in the market, has been trading sideways since experiencing a drop of over 5% on Monday. Despite this decline, Bitcoin has found support at $27,200, preventing further drops that could potentially jeopardize the next bull run of the leading cryptocurrency. However, many investors wonder whether Bitcoin will show any signs of recovery shortly. Will the cryptocurrency market see a resurgence of bullish sentiment, or will the current bearish trend continue? Related Reading: AVAX Enters The Green Zone After Losing Gains As Bulls Gain Momentum Bitcoin&#8217;s 70-Day Correction, Is May 19th The End Date? Jesse Olson, an experienced cryptocurrency analyst, has recently shared his insights on Bitcoin&#8217;s performance since the bottom. According to Olson, Bitcoin has experienced two major breakouts since its lower lows, with the first resulting in a 54% gain and a subsequent correction of 22% that took 70 days from a pivot low to a pivot low. The second breakout has resulted in a 58% gain, followed by a current correction of 13%. However, Olson points out that Bitcoin&#8217;s price could reach the third target if the second breakout experiences a -22% correction. He also notes that if it takes 70 days from pivot low to pivot low, this correction will last until May 19th. It&#8217;s important to note that these scenarios won&#8217;t be the same, but higher time frames are still bullish. Furthermore, if Bitcoin fails to hold its current trading level at $27,400, it risks losing its 50-day moving average. Despite this, the cryptocurrency&#8217;s biggest support floor is still thousands of dollars below its current mark, at $24,600, noted by the yellow line below (200dMA). According to Jesse Olson&#8217;s analysis, this level would represent one of the three targets if the decline continues. Related Reading: Is the Next Bitcoin Bull Run Tied To The US Presidential Elections? Here\u2019s What History Tells Us Signs Point To Prolonged Volatility Suppression In Bitcoin Market The cryptocurrency market has been characterized by prolonged volatility suppression in recent days. According\u00a0to the analysis firm King Fisher, this is causing a sense of \u201cpent-up energy\u201d that is expected to be unleashed. Signs show that the market is setting up to hunt x20 leverages, which has caught the attention of the analysis firm.\u00a0 King Fisher&#8217;s analysis suggests that the current calm in the Bitcoin market may be the calm before the storm, with a potential surge in volatility looming. Furthermore, per King Fisher\u2019s analysis, the cryptocurrency market is currently experiencing a short ratio hovering around 60-70%, indicating a potential short squeeze.\u00a0 In addition, motivated sellers who are in a rush to convert their assets into cash are appearing on the scene, potentially missing out on potential upside gains. One key player in the recent marginal seller in the Bitcoin market could be linked to Digital Currency Group\u2019s (DCG) potential sell-off of some assets to restructure its financial plan to pay to its subsidiary Genesis.\u00a0 Meanwhile, the open interest (OI) in the Bitcoin market remains fairly stable, with many investors waiting for a settlement or locking in synthetic USD. This suggests that many investors are cautious, waiting for more certainty before making any major moves. Despite the uncertainty, many experts remain bullish on the long-term prospects for Bitcoin and other cryptocurrencies. With increased adoption and institutional investment, the cryptocurrency market will likely continue to play a major role in the global financial landscape for years. Featured image from Unsplash, a chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":530777,"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":[428,679,78790,6664,1558],"class_list":["post-530775","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btcusdt","tag-crypto","tag-cryptocurrency"],"acf":[],"yoast_head":"\n<title>Bitcoin Bull Run: Higher Time Frames Still Bullish Despite Correction<\/title>\n<meta name=\"description\" content=\"Bitcoin (BTC), the largest cryptocurrency in the market, has been trading sideways since experiencing a drop of over 5% on Monday.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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