Source: Rekt CapitalBitcoin price recovery could be fueled by “seller exhaustion”Bitcoin investors are approaching a degree of “near-term seller exhaustion,” as evidenced by the reduced magnitude of realized losses, according to onchain data from Glassnode. Looking at the 6-hour rolling window for realized losses, the market intelligence firm found that the magnitude of losses realized during these drawdowns has started to decrease with each successive price leg lower.“Bear markets are typically initiated by periods of heightened fear and substantial losses,” Glassnode said in its latest Week On-chain report. “This suggests a form of near-term seller-exhaustion may be starting to develop within this price range.”Bitcoin: 6-hour rolling losses.
Source: AlphaBTCSimilar sentiments were shared by fellow analyst Rekt Capital, who said that Bitcoin needs to produce a weekly close above $80,500 to increase the chances of recovery.“Bitcoin has recently lost the red Weekly level, just confirming BTC isn't out of the woods yet,” Rekt Capital said in an April Post on X. “$BTC needs to stay above red until the Weekly Close for the price to reclaim this Weekly level as support.”BTC/USD weekly chart.
Bollinger said that Bitcoin price could be forming the second low of a W-shaped pattern formation — a double-pronged bottom followed by an exit to the upside — on the weekly chart.“Classic Bollinger Band W bottom setting up in $BTCUSD,” Bollinger commented alongside a chart, adding that the pattern “still needs confirmation.”In this situation, Bitcoin’s drop to $76,600 on March 11 was the first bottom, and the recent drop to $74,400 was the second.
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Author / Journalist: Cointelegraph by Nancy Lubale
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