On-chain indicators focusing on Bitcoin’s fair valuation and long-term holders’ sentiment also raise its prospects of bottoming out.
Bitcoin (BTC) has fallen by over 67% in 2022 and is now wobbling between a tight trading range defined by $28,000 as interim support and $30,500 as interim resistance.The selloff appears in the wake of the Federal Reserve’s hawkish policy and the uncertainties in the crypto market led by Terra, an algorithmic stablecoin project whose native token LUNA fell by 99% earlier in the month. Nonetheless, Bitcoin’s decline has somewhat cooled down as May draws to a close, leaving speculators with the hope that the token is in the process of bottoming out. Something like this might play out for #Bitcoin. Notice the lower left corner we had a double bottom before getting a green wave. We’re currently sitting at the bottom of the wedge. We can go a little lower and form another double bottom before rev
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