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Bitcoin (BTC): Few Pointers That Suggest Recovery Possibilities

Bitcoin (BTC) appears to have discovered a reliable foothold at $29,890 following recent dips beneath the mark. The swift recovery plus a retest will reflect bulls’ vigor and determine Bitcoin’s upcoming directional bias.

Bitcoin to Offer Temporary Gains

Bitcoin had its price printing a bearish continuation setup (bear flag) between November last year and April 2022. Meanwhile, late April’s brief consolidation saw BTC catalyzing a breakout from this pattern, translating to a colossal sell-off.

The setup comprises an enormous drop known as a flagpole accompanied by a consolidation period, the flag. Breakouts from these patterns often lead to price extending its fall. Thus a continuation formation.

The technical setup predicts a 46% drop obtained by adding the flagpole’s tallness to the breakout zone. The leading crypto pierced the flag’s bottom trend-line near $40,032 on 22 April, revealing $21,584 as the target.

The volatility after the FOMC meeting plus the LUNA-UST crisis triggered a ferocious crash in the crypto world. That saw Bitcoin plummeting to $25,333, translating to turmoil in the altcoin market. Nevertheless, Bitcoin’s recovery appears on the right foot as the token hover beyond the support floor of $29,100.

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If bulls ensure a retest, it will mean a possible upside move for Bitcoin. Such scenarios can see the world’s largest crypto moving towards $35,100. The upswing would mean a 17% total gain, and the high can cap BTC’s uptrend.

Also, the latest Luna Foundation Guard tweet removed uncertainty by retail investors. The post revealed that LFG sold around 80,081 Bitcoin from the reserve of 80,394 $BTC. The news indicated that more declines are unlikely, which might see buyers bidding again. Meanwhile, the tweet added that LFG would use the remaining assets to refund lasting UST users. Meanwhile, updates will follow soon as the foundation debates various distribution ways.

The exchange supply chart supports this narrative for BTC price. This metric measures total assets on exchange, which might mean possible sell-side pressures. Sell-offs would see investors panic selling, leading to massive sell orders that might intensify the decline.

For Bitcoin, assets on centralized platforms saw a 50,000 BTC decline, reflecting a slump in the possible sell pressure. That matches the bullish narrative from the technical viewpoint. Thus, market players can expect a rally for Bitcoin soon.

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Shelly Melancon (Switzerland)

Shelly is a cryptocurrency enthusiast from Switzerland, she bought her first crypto in 2015 when it was way less popular then it is today and since 2017 she has been writing about cryptocurrency for online news portals. Shelly is the newest addition to the Tokenhell team, she writes mostly news and reviews related articles , stay tuned to her posts to stay up to date with the crypto world.

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