Foreign media: Multiple indicators show that Bitcoin is still in the bottoming phase

Foreign media commentary suggests that despite renewed claims that "Bitcoin and the crypto market are dead," based on price ranges, trading behavior, and several long-term indicators, the market appears to be in an extended bottoming phase rather than the start of a new unilateral decline.

Currently, Bitcoin is repeatedly testing the 63,000 US dollar level. The article notes that if it falls below 60,000 US dollars, the bears may gain further advantage and the price may revisit around 62,500 US dollars. Meanwhile, the slowing progress of the US "CLARITY Act" is also weighing on industry sentiment, and expectations for its passage within the year have dropped below 22%.

The trading range remains clear

The article states that recent traders are more inclined to a range-bound strategy: tending to go short as the price approaches 67,000 US dollars, and switching to long positions when it pulls back to around 62,000 US dollars. This back-and-forth oscillation is wearing down retail investors' patience and fueling the belief that "the market is already over."

However, the commentary argues that similar phases in history have often appeared before subsequent rebounds. Prolonged sideways movement can trigger emotional sell-offs, while funds with more stable positions may gradually accumulate at lower levels.

The monthly and long-term moving averages provide support

One indicator cited in the article comes from the Tom DeMark Sequential. Last month, this indicator gave a buy signal on Bitcoin’s monthly chart. The article states that such signals are rare but have previously identified the market bottom in 2022 quite accurately.

Another observation mentioned is that since 2014, Bitcoin has repeatedly found support near the 50-month simple moving average. The article notes that this long-term moving average has previously corresponded to cyclical lows several times and is therefore still seen as an important reference point.

Momentum indicators return to historical lows

The article also mentions that the Chande Momentum Oscillator has fallen back to -71. According to the article, this area has often coincided with the end of panic-driven sell-offs in the past.

Overall, the commentary believes that in the short term, Bitcoin may continue to fluctuate between 60,000 and 67,000 US dollars, and the market may not quickly break out of the current range. However, judging from multiple indicators, the current phase appears closer to a gradual formation of a bottom, rather than "the end of the crypto market."