Bitcoin (BTC) Price Eyeing Bullish Move Following Wyckoff Cycle

• The cycle contains four main stages: accumulation, markup, distribution, and markdown.
• Although another warning indication for BTC is that the price is still below the EMA.

The gains earned last year were wiped out by Bitcoin’s fall to late 2020 prices as investors fled risk assets after the collapse of Terra (UST-USD). Furthermore, persistent inflation signals a tightening of the monetary policy, which would lead to interest rate rises.

The price of BTC has been predictable for the market, as it has extended its losses in a row. Since last week, the price has been on a long-term downward trend. A total of 47 percent deprecation has taken place in the last six weeks. The price of Bitcoin (BTC) is still shaky, hovering around the $29,000 mark at a two-year support level. Despite the fact that the price had already begun to decrease after hitting $69,000, a rebound from $34,322.0 resulted in a 29% increase.

According to @el_crypto_prof on Twitter, Bitcoin has been following the Wyckoff cycle, which indicates that a bullish surge is on its way. The cycle contains four main stages: accumulation, markup, distribution, and markdown. Phases and regulations were specified by its founder Wyckoff. Rules like these may be useful in determining where and how much a stock’s price is moving up or down, or in a range between these three directions.

Although another warning indication for BTC is that the price is still below the exponential moving averages (EMAs) of 20 and 50 days. There’s the possibility of a BTC rally if BTC closes above the current session high. The price would first try to break over the psychological $32,000 mark, then the 20-day exponential moving average (EMA) at $35,488. According to CMC, the Bitcoin price today is $29,446.36 USD with a 24-hour trading volume of $83,719,621,859 USD. Bitcoin is down 7.08% in the last 24 hours.