The “crypto and Bitcoin is dead” chatter has once again risen on social media platforms, but several indicators point to current momentum being part of a macro bottom.
According to blockchain research platform Santiment Intelligence, crypto is increasingly being paired with words like “dead, over and finished” on social platforms such as X, Reddit and Telegram, among others.
Part of the reason is that Bitcoin is now looking to retest the $63,350 level once again, with a break below this risking a retest of the $62,500 price. Delays in CLARITY Act proceedings have also hurt sentiment in the industry, with odds that it passes into law this year falling below 22%.
Traders have now resorted to shorting when prices near $67,000 and longing when they dip to $62,000.
Nullifying the “Bitcoin/Crypto is dead” narrative
The flipside is that historically, such a trend coincided with crypto price rallies contrary to retail crowd reasoning. Extended price consolidation is draining patience from retailers, leading to emotional dumping while the strong hands accumulate at discounted prices.
Source: Santiment Intelligence
Supporting indicators
Additionally, the Tom DeMark (TD) Sequential indicator flashed a buy signal on Bitcoin’s monthly chart last month. Although rare, the signal was used to identify the 2022 market bottom successfully.
Source: Ali Charts
Even more, Bitcoin has been trading near its 50-month simple moving average since 2014. This multi-year support level has repeatedly aligned with cyclical lows.
Finally, the Chande momentum oscillator is back to -71, a point that has also been associated with the ending of capitulation.
The final verdict is that while Bitcoin may take a while oscillating between $60,000 and $67,000, multiple signs are indicating that the floor is in.
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