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According to prominent trader Josh Olszewicz, Bitcoin, the largest cryptocurrency by market capitalization, is currently facing its “do or die” moment.
Olszewicz’s analysis is based on the Ichimoku Cloud indicator. The cloud is shaded in green as long as the Bitcoin price remains in an uptrend. At the same time, a red cloud indicates a bearish trend.
The chart shows that the flagship cryptocurrency is currently approaching the bottom of the cloud. In order to revive its bullish momentum, the largest cryptocurrency would need to rebound from the cloud’s support. Conversely, if the largest cryptocurrency breaks down below the key support, it could experience a more dramatic correction.
That said, it should be noted that traders typically rely on several indicators, including the Relative Strength Index (RSI), in order to spot a trend reversal.
At press time, Bitcoin is trading at $64,450 on the Bitstamp exchange after declining by as much as 3.5% over the past 24 hours.
According to CryptoQuant CEO Ki Young Ju, long-term holder whales have sold roughly $1.2 billion over the past week through brokers. Coupled with $460 million worth of ETF outflows, this amounts to $1.6 billion in sell-side liquidity. He has warned that the brokers might start depositing BTC to exchanges, putting additional pressure on the market.
The reason behind Bitcoin’s underperformance
IntoTheBlock has noted that the number of new Bitcoin users has plummeted to a multi-year low. The firm has suggested that Bitcoin might have become a “whale-only” product. Fidelity’s Jurrien Timmer, director of global macro at Fidelity Investments, also recently called attention to Bitcoin’s slowing network growth.
