After the unprecedented rally paused, Bitcoin [BTC] has had a tough quarter. Its recent crash below $30K was damaging. Despite the recovery, the price was still down by over 50%. To add to its woes, traders continued to sell at every rally bringing the price of the crypto-asset to square one.
To make matters worse, Bitcoin’s technical chart depicted a potential death cross in the making a major bearish pattern that could send the price to visit lows not seen in a long time. Interestingly, the last time Bitcoin marked a death cross, was back in the historical Black Thursday market crash of March 2020. However, two months later, the coin underwent a golden cross following a mild recovery.
What’s up with Bitcoin fundamentals?
The IOMAP model from Intotheblock demonstrated a different scenario. The metric indicated that a majority of Bitcoin holders are currently In-the-Money and they make almost 40%. According to the chart, the digital asset has found strong support where the green ball was found to be resting between the price range of $35k and $36k.
Hence, IOMAP signaled that this range would form a crucial support area from any damaging correction that could transpire in the coming days in the BTC market.
According to another data from CryptoQuant, depicted a change in trend from the miners of the crypto. The hash rate appeared to have stabilized near the 150 billion range, however, all miners to all exchanges flow suggested a decreasing trend which was a positive development for the coin just days after the miners were found to be offloading their stash en masse.
Another positive news for the Bitcoin ecosystem was El Salvador becoming the first country in the world to adopt the cryptocurrency as a legal tender on the 9th of June. The lawmakers in the country’s Congress reportedly voted by a “supermajority” in favor of the Bitcoin Law, raking in 62 out of 84 of the total legislature’s vote. While the news of President Nayib Bukele’s previous announcement regarding the same went unnoticed, it will be interesting to see if the latest development stirs the market towards a much-anticipated respite.