Technical and on-chain data on the Bitcoin price indicate that the selling pressure may begin to weaken. Analysts state that some signals seen before strong recoveries in the past have re-emerged.
Noticeable change in technical indicators
Bitcoin is trading at $62,502. The daily trading volume of the asset, which increased by 1.26 percent in the last 24 hours, is 25.47 billion dollars and its market value is 1.25 trillion dollars. Bitcoin’s total market dominance was recorded as 57.99 percent.
Technical analyst Ali Martinez said that three rare positive signals appeared simultaneously on Bitcoin’s 12-hour chart. Martinez states that this outlook is being closely monitored in terms of the direction of the market in the short term.
Ali Martinez evaluates that three strong technical signals occurring simultaneously on Bitcoin’s 12-hour chart indicate a loss of momentum in the last selling wave.
While the Tom DeMark Sequential indicator produces a buy signal, a positive divergence is also seen on the RSI side, known as the Relative Strength Index. This structure means momentum is starting to strengthen as the price continues its downward move. The fact that the SuperTrend indicator, which is used to monitor the short-term trend, has also turned upward, stands out as another factor supporting this picture.
Mini dictionary: TD Sequential is a technical indicator that tries to identify possible turning points in the markets. SuperTrend, on the other hand, tracks the change in short-term trend direction using price and volatility data.
If these signals are supported by persistent buying in the spot market, analysts are watching the $65,400 level as the next important target. This zone also coincides with an important resistance line on the TD Sequential side.
On-chain data points to the possibility of a bottom
Besides the charts, on-chain data also presents a similar picture. Blockchain analysis platform CryptoQuant announced that the realized profit and loss ratio decreased to minus 0.35. The company noted that this data fell to the lowest level in the last 43 months.
CryptoQuant notes that in past examples, this indicator has attracted attention in periods near long-term market bottoms, followed by price recoveries. The company emphasizes that the current data alone does not mean a definitive return, but constitutes a historically important signal.
CryptoQuant data indicates that the sharp decline in the realized profit-loss ratio has been seen in periods close to long-term bottom areas for Bitcoin in the past.
The collection of multiple technical indicators and historical on-chain signals in the same direction strengthens the expectation of recovery in the market. However, analysts remind that no indicator alone provides a guarantee.
If Bitcoin breaks above the immediate resistance zone with strong buying volume, the $65,400 level could emerge further. On the other hand, if the current support cannot be maintained, the price will remain within the horizontal band and the possible recovery will be delayed.
