Crypto firms and funds have been unwinding, adding fuel to the fire as the market tanks. Luna, Celcius, and now 3AC have all collapsed over the past month and increased the downward pressure on BTC’s price. However, a glimmer of hope is present as exchanges like Binance made large BTC purchases over the weekend when BTC hit the $17.7k mark. Reports have surfaced that Binance spent $2B buying up cheap BTC, helping the market to form a bottom.
Over the weekend Bitcoin found a local bottom at the $17.7k mark before rebounding back above the $20k mark at the weekly close. While we may see a slowdown in the short term (as indicated on the 4H chart), the daily and weekly charts look absolutely primed for a relief rally. In all likelihood, this relief rally will take BTC past the weekly 200SMA – a bullish signal for traders and algos alike. With euphoric bearish sentiment, it seems to be a good time to begin DCA’ing into new long positions.
Let’s look at the [charts](https://midas.best/bitcoinbearmarket) to get into more detail.
**Support Zones**:
* $18k
* $20k
**Resistance Zones**
* $22.4k
* $29.3k
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