Five Reasons Why Bitcoin Price Neared The Bottom Already?

After the release of Consumer Price Index (CPI) data, Bitcoin, along with other cryptocurrencies, witnessed a short rally. The price movement in the last few days appears to show an end to the rally. There are several metrics in favor of the argument that a Bitcoin bottom is around the corner. Experts suggest BTC is undervalued at the moment, indicating a price spike in near future.

Why Bitcoin Bottom Is Close To Current Range?

As the macroeconomic scenario continues to be unfavorable to Bitcoin, the top cryptocurrency asset is trading at undervalued levels. Meanwhile, around five technical indicators point to the assertion that Bitcoin is yet to realize its potential. BTC’s total supply in profit fell sharply last week, which is currently 56% of the total supply. This is important to track the proportion of traders with unrealized profits and losses.

As of writing, Bitcoin price stands at $21,612, down 0.78% in the last 24 hours, according to CoinMarketCap. On a weekly basis, BTC is up 0.56%.

Anvesh reports major developments around crypto adoption and price analysis. Having been associated with crypto since 2016, he is now a strong advocate of decentralized technologies. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.