Looking at Bitcoin over the past two weeks, you’d be forgiven for thinking the market has finally found some support.
The panic selling that dominated May and early June has eased. Prices have stopped falling. At first glance, that looks like progress.
But one of the hardest things about bear markets is that periods of stability often look exactly the same whether a bottom is forming or whether the market is simply catching its breath before moving lower again.
That’s the question we are facing today.
Is Bitcoin building a base from which it can recover, or is the current stabilization just a temporary pause within a broader downtrend?
Today we’ll look at three different momentum indicators covering market participation, price trends, and capital flows to help answer that question.
So let’s look at the data.
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