Bitcoin ($BTC) price trajectory has for another time gained spotlight with traders and market onlookers debating over the outcomes of the extended bearish phase. In this respect, Bitcoin is changing hands at $70,535.38, showing a 0.51% dip. Additionally, as per the data from CryptoQuant, Bitcoin’s ($BTC) moving average crossovers indicate caution. Nevertheless, CryptoQuant considers it too early to term the scenario a market bottom.
$BTC’s Technical Indicators Highlight Bearish Momentum
As the on-chain data reveals, Bitcoin ($BTC) is showing bearish signals, triggering speculations of a bottom. Amid this prolonged bearish momentum, the leading cryptocurrency is changing hands at $70,535.38, signifying a decrease of 361.73 points (nearly 0.51%). Back in September, a “Bear Start” was marked as Bitcoin’s 100-day moving average surpassed the 50-day.
Following that, in November, the market witnessed a “Bear Confirm” phase amid widening divergence. The respective technical indicators merged with weakening momentum, highlighting the probability of a sustained downward pressure on Bitcoin ($BTC) irrespective of its solid performance at the year’s start.
100-Day and 50-Day MA Crossover Points Toward Prolonged Bearish Phase
Specifically, the market is now seeing the crossover of 100-day and 50-day moving averages, with values reaching $0.0039 and $0.9914. Keeping this in view, CryptoQuant advises the traders to watch the ongoing market signals as moving averages have been providing dependable guidance amid volatile crypto phases.
However, as CryptoQuant puts it, calling it a market bottom would be very early, as such assumptions are still speculative. Overall, as the top crypto asset keeps hovering around $70K, the next months will play a crucial role in deciding whether the current bearish phase extends or leads to another bull rally.
