Bitcoin price is somewhat encouraging as the token appears to be thriving to reclaim higher levels. The price is displaying immense strength, rising above the FTX-contagion, while the BlockFi bankruptcy failed to rise some tumours. While the trend appears to be somewhat positive, the possibility of knocking it down to the bottom hovers within the crypto space.
Besides, some do not believe in the bearish thesis as the BTC price is assumed to have revived with a bull rally.
Despite the recent recovery, the crypto space is still believed to be in the middle of the crypto winters, as the bears continue with their bottom fishing. Moreover, the much-awaited FED MoM also failed to strengthen the bears as Chairman Powell hinted at lower the pace of rising interest rates, starting this month.
Bitcoin price has been following an interim bounce ever since the market collapsed in May due to the Collapse of the Terra ecosystem. Meanwhile, as signs of recovery emerged in the markets, the collapse of the FTX exchange triggered a chain of fallouts, with BlockFi being the most recent to join the list.
While some analysts believe the star crypto to be under the bearish influence, other experts squabble saying that the BTC price has to satisfy some conditions which are required to confirm a bear market.
Besides, the drop below the 21 week MA levels has raised many concerns as the price action that followed was extremely bearish.
The Bitcoin price has been hovering in and out of the 21-week MA levels earlier. But ever since the May fallout, it has maintained a lower level. Moreover, the recent rejection in early November appears to be mirroring the previous fallout. Hence, some analysts believe the bottoms could be in very soon.
However, the price is attempting to break the descending pennant which may invalidate the bearish trajectory.
Read more: Crypto Crash Recap 2022
Considering the Heikin-Ashi candle, the Bitcoin price has been forming consecutive bearish candles in the monthly chart. Therefore, as per the founder of the Research firm, Cubic Analytics, Caleb Franzen, a green candle on the chart may confirm the bullish revival.
Today is the final day of November and #Bitcoin is going to produce the 12th consecutive red monthly Heikin Ashi candle.
After 5+ months of red candles, a green monthly candle has marked the end of each bear market.
Each red streak has been longer than the last. #Patience pic.twitter.com/BbHdBQ0SRf
— Caleb Franzen (@CalebFranzen) November 30, 2022
The candlesticks basically point out the starting and ending prices within the selected time frame. The Heikin Ashi is an averaged version removing the excess noise, facilitating a better gauge of trend reversals. Hence, the analyst believes the resurgence of a bullish trend may be only possible if the Heiken Ashi chart prints a bullish-monthly candle for Bitcoin.
The Bitcoin (BTC) price is trading at $16,950 at the moment and trying very hard to regain levels beyond $17,000. However, in the short term, a bullish divergence is witnessed but the bearish pressure has also intensified which may hinder the progress of the rally ahead.
Read more: Bitcoin Price Prediction