Recurring bear flags and the Fed’s telegraphed monetary policy are painting a roadmap for BTC’s future price action.
Non crypto-related factors continue to weigh on BTC price, but a key on-chain metric that called previous market bottoms suggests Bitcoin is severely undervalued.
“Up only” Bitcoin and Ethereum take a breather after encountering resistance at a stiff multi-month descending trendline.
Traders tuck their tails as this week’s CPI print approaches and BTC and ETH price fall back into range to test underlying support.
Other Bitcoin miners such as Core Scientific, Argo Blockchain and Riot Blockchain have reduced their BTC holdings during the bear market.