Bitcoin Bulls Defy 'Crypto Dead' Narrative with Multiple Buy Signals
The 'crypto and Bitcoin is dead' narrative has resurfaced on social media platforms, but various indicators suggest that current momentum could be part of a macro bottom. According to Santiment Intelligence, crypto-related keywords such as 'dead', 'over', and 'finished' are increasingly being used in conjunction with the term 'Bitcoin'. This trend is often associated with price rallies, contrary to retail crowd reasoning.
Historically, extended price consolidation has led to emotional dumping by retailers, while strong hands accumulate at discounted prices. The TD Sequential indicator recently flashed a buy signal on Bitcoin's monthly chart, which was used successfully to identify the 2022 market bottom. Additionally, Bitcoin is trading near its 50-month simple moving average since 2014, a multi-year support level that has repeatedly aligned with cyclical lows.
The Chande momentum oscillator has also returned to -71, a point associated with the ending of capitulation. While Bitcoin may oscillate between $60,000 and $67,000 in the short term, multiple signs indicate that the floor is in place.