Flashing Bitcoin Bottoming Signal As Asset Hits Two Year Low

It’s no news anymore that bitcoin plummeted to it’s two year low within a year, as they said that the king crypto is flashing historic bottoming signals. Looking closely at the index, which clearly indicate that bitcoin dominance is gradually flashing a bottom signal with the US dollar index behaving similarly as that of 2015.

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The US dollar index is gradually losing momentum as it breaks a parabolic change breaking a parabolic thread, which is possible that bitcoin will start issuing a key support. There is no doubt that the FTX collapse won’t continue to impact the crypto space, as the pressure will be mounted on bitcoin for it to be trading downwards.

An insight from a crypto analyst online which he says;

“We have a very important macro shift in the DXY happening. The US Dollar Index is repeating the same market structure that allowed BTC to bottom in 2015. It is unclear if the recent contagion will make a further impact on the market, but it is common for major players to ‘go bust [downtrend emoji]’ toward the end of a bear cycle.

There is potential for lower prices as these exchange collapses play out, but this is usually a sign we are nearing a cycle bottom. The US Dollar Index (DXY) breaking its parabolic trend is the main positive signal I see in the charts. This could allow BTC to gain support and start going sideways instead of straight down.”

At the point of writing this article, Bitcoin was trading at $16,708.

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