Analysis: The indicator shows that Bitcoin has reached the deep area where a cyclical bottom is formed.

BlockBeats News, June 22 — Analyst Gaah citing CryptoQuant data states that the Bitcoin cycle momentum indicator shows that the current bear market has not yet ended. The indicator has not risen above the neutral zone (0), so the bear market is still ongoing. The indicator has reached the -30 level, which historically is a deep area for forming cyclical bottoms. Historically, this zone (-30) has been a major support level for BTC. However, to confirm a trend reversal, the price must form a bullish pattern and the indicator must break above the neutral zone.
BTC-0.37%
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