Bitcoin repeats THIS historical pattern: Is a bull rally coming?

was trading at $67k at press time and threatened to break out past the range that it consolidated within over the past month.also saw inflows over the past week, indicating a tangible increase in demand. The push to the range highs relieved the selling pressure of recent weeks, but can the bulls manage a breakout?It is calculated by taking the current SSR and its difference with the 200-period simple moving average.

The current stablecoin supply is plotted over these bands to give traders insights into what the market sentiment is like.The chart above highlights how the market tends to pull back when the oscillator is overheated. Conversely, when the lower bands are breached, it generally provides a good long-term buying opportunity.

Like any other technical indicator, the SSR oscillator was not infallible, and each signal was not a guarantee of a price move in the expected direction.The stablecoin supply ratio was below the 200-period SMA but above the lower BB. It fell below this band in early May, when Bitcoin prices reached $56k. However, the price immediately rebounded higher.

The oscillator was still in the lower BB and suggested that further gains were likely. The SSR also saw a downtrend over the past month.The metric has been aggressively trending higher since October 2023. Periods of stasis or pullback such as early January and mid-May were present. A month after the January pullback, Bitcoin prices rocketed higher to breach the $46k resistance with ease. Perhaps in the next 2–4 weeks, we might see a Bitcoin rally push well beyond the $73k resistance.Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis.

Source: Digital Coin News (digitalcoinnews.net)

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