Bitcoin price ever since mid of March been drowning within a deep bearish well. However, in the past couple of days, during the weekend, a huge influx of liquidity of nearly $73 billion has been made into space. Therefore, rising the hopes of laying down a significant uptrend throughout the week ahead. Moreover, over 13,000 wallets reached 1 BTC in the past week signalling the resurgence of a bull rally at any moment in the near future.
After the recent price slash below $18,000, it was assumed that Bitcoin could go down to as low as $15,000. However, the recent flip which elevated the prices above $21,000, indicated the presence of bulls. Therefore, it may now be assumed that the BTC price may have reached the bottom and below mentioned are the reasons.
A crypto veteran trader has noted down the reasons that indicate, that Bitcoin could have met the near bottom. As per the trader, the BTC price has moved lower with an equal margin similar to the May crash. The recent price crash below $20,000 is assumed to have to get rid of the weak hands and hence a significant upswing may be supported by strong hands.
On the other hand, the RSI has reached the oversold condition in the daily chart, consolidated a little and is about to surge high. Along with this, the 10-year yield has probably peaked high along with the dollar. Considering all these points, it may be assumed that Bitcoin’s (BTC) price may have reached the bottom and waiting for the bulls to uplift the price higher.