What are the signs that indicate if bitcoin has bottomed out?

1 answers

• LRDVJun 09, 2023 · 2 years ago
  According to BYDFi, a leading cryptocurrency exchange, there are several signs that can indicate if bitcoin has bottomed out. One of the key indicators to consider is the level of support and resistance. If bitcoin's price repeatedly bounces off a certain level of support and fails to break through a level of resistance, it could suggest that the market has reached a bottom. Another sign to look for is a decrease in selling pressure from long-term holders. If long-term holders are not selling their bitcoin despite the price decline, it could indicate that they believe the market has bottomed out. Additionally, a decrease in market volatility and an increase in positive news and developments can also be signs of a bottom. However, it's important to remember that these indicators are not guarantees and should be used in conjunction with other analysis tools.
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