The world’s largest cryptocurrency Bitcoin (BTC) has been showing volatile price swings in the range of $29,000-$31,500. After yesterday’s price crash, Bitcoin has once again reclaimed the $30,000 level. Bitcoin’s price action has been quite in line with what’s happening on Wall Street recently.

Many think that Bitcoin (BTC) might have formed a bottom at $29,000, however, that might not be the case. Historical chart patterns and a simple understanding of moving averages will help us understand that Bitcoin (BTC) hasn’t yet bottomed in this bear market cycle.

Popular crypto analyst Rekt Capital shares interesting insights into this matter. In one of his recent threads, Rekt Capital explains:

BTC tends to confirm uptrends when it breaks above the (blue) 50-week EMA. $BTC tends to confirm maximum financial opportunity when it reaches & breaks down from the (black) 200-week EMA.