After climbing to $10,400 a week earlier, Bitcoin fell into BitMEX by almost $2,000 in 24 hours. It was a move which liquidated derivatives positions in the value of over 100 million.
Analysts replied quickly with expectations of a cryptographic downside. One trader said that a return in the $6,000 or $7,000s was suggested for BTC's price action. This has been repeated by many people.
But the bulls remain in control of the crypto-exchange market, according to a macro indicator last seen at the beginning of the 2019 bullfight.
Bitcoin Prints Macro Reversal Indicator
BTC has gradually reversed the stock market on the $3,700 lows seen in March. Even after the above denial, the cryptocurrency remains 150% higher than those in March.
The reversal allowed Bitcoin's trend, according to a trader, to flip bullish in a macro-time context for the first time since early 2019.
He shared the following chart to illustrate this. It shows the macro price action of the BTC together with the customized "momentum" indicator he and two other traders created.
According to the indicator, the monthly momentum of Bitcoin in response to the recent rally was positive.
Trader's Macro BTC price map "Crypto Birb" (@Crypto birb on Twitter). The graph shows that a dynamic indicator shows a macro bull trend.
This is remarkable because it was the last time such a cross was seen in January-February 2019. The passing of the indicator followed a surge of ~$3,500 to $14,000 in five months, which amounted to exactly 300 percent.
According to the indicator, in February 2015, the momentum of Bitcoin also flared, as assets bottomed around $200 before rallying to $20,000 for the next two and half years.
This confirmation that the macro trend of BTC is bullish was confirmed by another trader, who noted at the beginning of last month that his custom indicator is also leaning.
$10,500 Needs to Clear
Given the solid macro trend, the $10,500 resistance lies above Bitcoin.
In the past year, this single level has rejected BTC rallies on the three most important occasions: once during the "Xi Pump" in October 2019, when the BTC rallied in February to 10,500 dollars and this week only.
It shows some confusion amongst traders that BTC stays below it, analysts have suggested.
One commentator argued that with the latest rejection, there's a chance "there's a threefold top," which could result in a $8,000 and perhaps even lower reversal.
But when that level breaks, the fun begins.
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