Is The Bitcoin Bull Market Over? Here’s What Technicals Say About the BTC Price Rally!

The latest surge above $70,000 had raised hopes for a bullish continuation as it signalled the beginning of the next push towards the higher targets. While the market participants began to foresee the possibility of a massive breakout above the crucial range of around $72,500, the trend shifted in favour of the bears. The BTC price has slipped down by nearly 2% since the early trading hours, lowering the level to close to $67,500.

The major reason speculated for the drop is the rounds of Mt. Gox preparing to repay their creditors, as they have begun to transfer the BTC to an unknown wallet. This has never been considered bullish for the BTC price rally. Furthermore, spot ETF and whale accumulation have reached their peak levels, indicating that bearish clouds may be approaching the crypto space. Having said that, is the Bitcoin bull market over? Will Bitcoin fail to reach the $100K milestone?

The BTC price remains stuck within a narrow range and fails to re-test the new ATH close to $74,000. However, the historical figures suggest, that the bull market trend continues to remain intact, which is analysed by the MVRV behaviour. Each time the BTC price marked the highs of the bull run, the MVRV levels also reached new highs. In past bull markets, the levels peaked at 4.83 and 3.97 in 2019 and 2021, respectively. 

Currently, the levels have not even entered the overvalued zone and hence further rises can be expected. Bitcoin has experienced a sufficient sideways and adjustment period for more than two months after reaching the overheated section in March. Therefore, this suggests a high possibility that a cool rise may occur as early as June. 

Collectively, Bitcoin’s (BTC) price continues to remain in the middle of the prevailing bull run and is yet to mark the peak which is assumed to be around $100,000.