Bitcoin took a big hit over the last week.
All on profit taking, ETF outflows, and the outlook for interest rates.
However, with the latest jobs numbers, we may see a rate cut sooner than expected. Plus, with a good deal of negativity now priced into Bitcoin, it’s pivoting higher.
Also, according to CoinDesk.com, “Bitcoin whales may have finally started buying the dip, IntoTheBlock said in an X post. Historically, accumulations by these addresses have often preceded rises in bitcoin's price.”
Technically, Bitcoin has also become oversold on RSI, MACD, and Williams’ %R. In fact, each time BTC has become this oversold with those indicators, it bounces back shortly after. If you pull up a two-year chart of BTC, you can see that’s happened multiple times. Better, the BTC miners tend go along for the ride.
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