What 1-hour chart says?
Fundamental Development:-
Capitulation ongoing but markets not at the bottom yet: Glassnode
Bitcoin wealth is being distributed from weak hands to strong hands due to ongoing capitulation from retail investors and miners, signaling that the bottom may be close.The latest ‘The Week On-Chain’ report from blockchain analysis firm Glassnode on July 11 explains that market capitulations have been ongoing for about a month and that several other signals suggest bottom formations in Bitcoin prices.However, Glassnode analysts wrote that the bear market “still requires an element of duration” as Long-Term Holders (LTH), who tend to have greater confidence in Bitcoin as a technology, increasingly bear the greatest unrealized losses.
Short Term Technical View: On daily time frame BTC is trading below 200&50 simple moving averages and trading between $20,000-$19,800 ranges.BTC is made low 19,700 and now consolidating within a range. Yesterday it made high near $21,200 and then it continue to Falling to near 200 simple moving averages. Bitcoin is struggling to gain momentum above $20,000.
Alternative Scenario: If Bitcoin fails to clear the $20,000 resistance zone, it could start another decline. An immediate support on the downside is near the $19,600 level.
Capitulation ongoing but markets not at the bottom yet: Glassnode
Bitcoin wealth is being distributed from weak hands to strong hands due to ongoing capitulation from retail investors and miners, signaling that the bottom may be close.The latest ‘The Week On-Chain’ report from blockchain analysis firm Glassnode on July 11 explains that market capitulations have been ongoing for about a month and that several other signals suggest bottom formations in Bitcoin prices.However, Glassnode analysts wrote that the bear market “still requires an element of duration” as Long-Term Holders (LTH), who tend to have greater confidence in Bitcoin as a technology, increasingly bear the greatest unrealized losses.
Short Term Technical View: On daily time frame BTC is trading below 200&50 simple moving averages and trading between $20,000-$19,800 ranges.BTC is made low 19,700 and now consolidating within a range. Yesterday it made high near $21,200 and then it continue to Falling to near 200 simple moving averages. Bitcoin is struggling to gain momentum above $20,000.
Alternative Scenario: If Bitcoin fails to clear the $20,000 resistance zone, it could start another decline. An immediate support on the downside is near the $19,600 level.
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