CryptoOnchain
It's early to get excited. Important resistances are ahead
In the last week, the price of Bitcoin has increased by 15%. Many in the market are excited about this increase. (Check out Twitter) But I think it's early to get excited. It could be a bull trap. Pay attention to the following Technical resistances: 1-BTC is the Blow of the resistance level of $19,300 2- Bitcoin is below the resistance of the trendline (check the technical chart below) Fundamental View: 3- As discussed earlier, the crypto market is correlated with the US stock market. It is unlikely that the crypto market will improve until the stock market conditions improve. In the last 6 days, despite the fact that there is no positive sign of the market turning in the stock market, we have seen a 15% increase in the price of Bitcoin (the SPX index has only increased by 4.5%), on the other hand, SPX and RSI of SPX are below the resistance. If the stock market respects the resistance, the price of Bitcoin will also be under downward pressure Onchain analysis 4- Bitcoin is below the UTXO 1m-3m resistance. 5- According to Netflow of Bitcoin, Bitcoin inflow to the exchanges is increasing 6- Netflow of stablecoins from exchanges is still decreasing