🚨 Bitcoin defends the monthly MA50… Has the bottom been formed on the monthly timeframe?
Bitcoin ($BTC) closed the month up by nearly +6.33%, after a clear bounce from the MA50 moving average on the monthly chart.
At the same time, the monthly Stochastic RSI is moving upward from oversold levels, while the current setup shows some similarities to the stages that preceded strong upswings in previous cycles.
The latest bottom formed near $57,748, which is a drop of about -54% from the peak.
For comparison, the major corrections in previous cycles were much deeper:
2015: around -86%
2018: around -84%
2022: around -78%
So far, this means the current correction is clearly less deep than the main prior bear-market swings.
📌 The key pivot level right now: approximately $85,000
This is the zone that aligns roughly with the monthly MA50.
Keeping monthly closes above this area supports the long-term structure staying intact, while losing it again would make the scenario in need of re-evaluation.
The question now isn’t just: Has Bitcoin bounced?
But rather: Was the $57,748 area the bottom that the next monthly trend will build upon?
#Bitcoin #BTC $BTC #Crypto #TechnicalAnalysis
Bitcoin ($BTC) closed the month up by nearly +6.33%, after a clear bounce from the MA50 moving average on the monthly chart.
At the same time, the monthly Stochastic RSI is moving upward from oversold levels, while the current setup shows some similarities to the stages that preceded strong upswings in previous cycles.
The latest bottom formed near $57,748, which is a drop of about -54% from the peak.
For comparison, the major corrections in previous cycles were much deeper:
2015: around -86%
2018: around -84%
2022: around -78%
So far, this means the current correction is clearly less deep than the main prior bear-market swings.
📌 The key pivot level right now: approximately $85,000
This is the zone that aligns roughly with the monthly MA50.
Keeping monthly closes above this area supports the long-term structure staying intact, while losing it again would make the scenario in need of re-evaluation.
The question now isn’t just: Has Bitcoin bounced?
But rather: Was the $57,748 area the bottom that the next monthly trend will build upon?
#Bitcoin #BTC $BTC #Crypto #TechnicalAnalysis
