Why Bitcoin Hasn’t Bottomed Out Yet, This Signal Will Tell When It Has

Bitcoin continues its uptrend leaving bears in disbelief. The first crypto by market cap got back in the green after a short squeeze brought it back from the underworld in the low $30,000s. Related Reading | TA: Why Bitcoin is At Risk of Drop Below $42,500 In Short-term As of press time, Bitcoin trades at $44,375 with a 2.2% and 14.3% profit in the last 24 hours and 7 days, respectively. BTC’s price recent strength has made a large portion of the market more optimistic. Traders seem more inclined to believe Bitcoin will continue its uptrend in a straight line now that it has returned to mid area of a major price point. However, the cryptocurrency is currently in resistance and has failed to successfully breach these levels. Data from Material Indicators records an important cluster of ask orders above BTC’s price current levels. As seen below, there are almost $20 million in ask orders spread from $44,000 to $47,000. This suggests BTC’s price could face some obstacle to break above them and flip them into support. However, Bitcoin’s most important resistance level stands at $50,000, as there are over $20 million in ask orders on this price alone. The cryptocurrency needs successfully closed above it to support BTC’s price bullish thesis. Conversely, there are significant bid orders below current levels that could operate as support in case of further downside. It is worth noting that the bid side, unlike its counter...