The cryptocurrency market has undergone a substantial downturn, with many of the top 100 cryptocurrencies experiencing sharp price drops. Bitcoin, the leading digital asset, hit a low of $61,600 on Tuesday.
However, industry experts suggest a potential rebound to higher highs may be on the horizon as the highly anticipated Halving event draws near.
Adrian Zduńczyk, a crypto trader and technical analyst, provides valuable insights into the market dynamics, highlighting key factors such as bull market indicators, ETFs, and the imminent Halving event.
Mixed Signals For BTC
According to Zduńczyk’s analysis, the market exhibits bullish signs, with the 200-week and 50-week moving averages (MAs) at $33,700 and $39,900, respectively.
The Net Unrealized Profit/Loss (NUPL) ratio is 0.55, indicating a favorable trading environment. Additionally, the 7-week correlation with the S&P 500 (SPX) remains firm at 0.71.
In terms of daily trends, Zduńczyk notes that Bitcoin
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