Bitcoin's price at $63,000 has garnered interest from analysts discussing potential market changes.
Current Situation Overview
According to data from Cointelegraph Markets Pro and TradingView, conditions for the BTC/USD pair remain stable after the first Wall Street opening this week. Despite the lack of volatility, traders suggest that the situation might change soon.
Bulls vs. Bears Battle
Trader Skew noted that the price is 'pinned' between two liquidity blocks: $62,000 at the bottom and $65,000 at the top. Another trader, Mayne, took a longer-term perspective, highlighting a series of lower highs and lows since March's peak at $73,800 on the weekly chart. He suggested that the trend might be changing via a new higher low. CITE_NA: 'Bears are running out of time to dump this back down. They've got to nuke this here or after a sweep above the last lower high.'
Puell Multiple Reversal Signal
Bitcoin's classic Puell Multiple indicator has hit its key 'green' zone for the first time since the end of the 2022 bear market. Data from onchain analytics platform CryptoQuant confirms that a rebound may now be in progress, signaling a potential macro price bottom. In a CryptoQuant blog, it was noted that reaching the 'green' zone has historically been followed by an upward price movement. CITE_W_A: 'Historically, when the green zone was reached, it was followed by an upward price movement.' — Darkfost
Analysts are closely monitoring the developments in the Bitcoin market as both bulls and bears attempt to secure their positions. Indicators like the Puell Multiple provide hope for a trend reversal.
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