Crypto Briefing reports:
A closely watched cryptocurrency analyst suggests that Bitcoin (BTC) is poised for a rebound based on a key indicator.
During a recent strategy session, cryptocurrency trader Ali Martinez indicated on social media platform X that the Tom DeMark (TD) Sequential indicator flashed a buy signal on the hourly chart of the crypto king.
“TD presents a buy signal on Bitcoin’s hourly chart, expecting a rebound of one to four candlesticks!”
Source: Ali Martinez/X
The DeMark Sequential indicator is commonly used by traders to identify potential reversal points in assets.
Martinez noted that historically, the top cryptocurrency has rebounded in July after a challenging June.
“Historically, when Bitcoin sees negative performance in June, it tends to rally strongly in July. In fact, the average return rate this month is 7.98%, with a median return rate of 9.60%.”
Source: Ali Martinez/X
However, the analyst cautioned that Bitcoin’s downturn may not be over yet, judging by current futures positions.
“The price action for Bitcoin has been brutal, with only $280.9 million in longs and $25.4 million in shorts liquidated. In the past, we’ve seen liquidation events exceeding $1 billion! This tells us that either the Bitcoin decline isn’t over, or shorts are about to disappear.”
Source: Ali Martinez/X
At the time of writing, Bitcoin is trading at $57,534, marking a 4.8% decline over the past 24 hours. On July 1st, its trading price was $63,322.
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Feature Image: Shutterstock/alleksey/Sol Invictus
