Bitcoin (BTC) is exhibiting signs of a price rebound while activity on the largest cryptocurrency’s network is declining, according to an analysis conducted by renowned crypto expert Ali Martinez and shared on May 14.
Martinez’s analysis indicates that the TD Sequential indicator is currently displaying a buy signal on the hourly chart for Bitcoin, suggesting a potential price recovery.
In recent days, Bitcoin has experienced a surge in trading activity within the cryptocurrency market. After a period of relative stability over the weekend, with fluctuations around $61,000, the beginning of this week marked a turning point for the digital asset.
At the time of writing, the price of Bitcoin was quoted at $62,572.73, reflecting a 1.0% increase in the last 24 hours. During this time, the cryptocurrency recorded a trading volume of $22,284,080,094.
Martinez also observed a decline in Bitcoin network activity, as evidenced by a chart from analytics platform Santiment. According to the data, Bitcoin whales, or large holders of the cryptocurrency, appear to be taking a break, with a decrease in the number of large transactions.
Furthermore, the Bitcoin accumulation trend score indicates that larger entities are either distributing or not accumulating BTC tokens, as it currently stands close to 0.
In addition to Martinez’s analysis, renowned cryptocurrency analyst Rekt Capital suggests that Bitcoin is showing signs of a strong recovery. Comparing the current situation to the post-halving cycle observed in 2016, Rekt Capital shared a detailed analysis on social media, stating that Bitcoin has left the “danger zone” and is on its way to new heights.
Rekt Capital emphasized that Bitcoin’s post-halving “danger zone” is officially over and that the cryptocurrency is celebrating with a notable recovery from the low support of the reaccumulation range.
It is important to note that the views and opinions expressed in this article, including those of the author and individuals mentioned, are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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