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#Bitcoin is testing its long-term support again. As long as it is not broken down, we have the potential to see a rebound. Moreover, the level of fear and greed is hanging at historical lows - in the past, these were good signals to stop the decline.

#Bitcoin hit $60,000 and bounces back to $70,000 very quickly. The 5-year support block has held back the fall and is rebounding quite according to plan. In order to consider a bullish scenario, the price now needs to consolidate confidently above $ 80,000.

#Bitcoin has now deviated significantly from its historical correlation with the S&P500 and gold (pink dot on the charts) The author of the Stock-to-Flow model, a well-known Plan B trader, notes that the last time this was observed at a price of $1,000 per BTC, followed by a 10-fold increase...

A pretty decent weekly candle for #Bitcoin is approaching here. I would expect the correction to be relatively over. We didn't get the most obvious deep corrections in previous cycles either. https://x.com/CryptoMichNL/status/1807006106922721511?t=3eN8FA5tMf4DE6A0GILi9w&s=19

#Bitcoin did make a retest at $61,000. I expect this to continue consolidating, where I'm assuming that altcoins will have a higher return than Bitcoin. https://x.com/CryptoMichNL/status/1806673151016763467?t=CE6sBtXRDv8z6tmJMSubpQ&s=19

This would likely be the case for #Bitcoin. Preferably we sweep the $60K area where a bullish divergence kicks in. Reversal coming from next week with the impending Ethereum ETF listing. https://x.com/CryptoMichNL/status/1806259928258191865?t=NWLs0mmQLMwnfuvYA_dYEg&s=19

Glassnode: #Bitcoin is trading around $104K, stuck between the cost-to-earnings quantiles of 0.85 and 0.75 ($108.5K / $100.6K). Historically, these levels have acted as support and resistance, and a breakout of either of them is likely to determine the next trend direction.

Great first bounce from #Bitcoin from the lows. However, it doesn't erase the fact that we might be seeing a renewed correction. I might suspect the markets will be seeing a correction to $60-60.5K for a higher low, before we continue the surge. Weekly candle looks great. https://x.com/CryptoMichNL/status/1805886467195146363?t=F_yWZzA42a3PeHz2NInUtQ&s=19

#Bitcoin dominance continues to peak at 58%. In that regard, it seems likely that we'll be having more eyes on Ethereum rather than Bitcoin in the upcoming period due to the Ethereum ETF. https://x.com/CryptoMichNL/status/1805523827864084660?t=K5DLmiJSp9FqSbQlhKyptQ&s=19

🤓 A little technical analysis: #Bitcoin is in a key support zone, where the most important horizontal level and the lower boundary of the bearish wedge are simultaneously passing. As long as we are above, everything is fine for the bulls, but if we consolidate below, the growth cycle will most likely turn into a macro-correction cycle. I really want to see an upward impulse from the current levels as soon as possible.

#Bitcoin becoming the most oversold on the Mt. Gox news since a year. Last two times it was: - FTX crash. - Correction in August '23. We're very close. https://x.com/CryptoMichNL/status/1805314955711033754?t=XW9zhxJJu7BY615ZeGUJXg&s=19

#Bitcoin is testing the $110,000 level again, which is technically still within the bullish scenario. The bullish wedge has been broken upward, and a retest is taking place. Given the importance of staying above this level, we want to see a full-fledged rebound as soon as possible.