Bitcoin has crossed an important level of $22,800. The overcoming of this extremum in the medium term indicates the weakening of the seller’s forces after almost a two-year bear market.

For about a week, the first cryptocurrency has been moving in a narrow sideways trend of $23,500-22,500. The second wave of growth without a rollback, the price is holding at its local highs. There are no sales.

Five months ago, starting in June 2022, the price was in a large sideways accumulation of $18500-22500. Two recent waves of growth not only returned the price to this range, but broke through it impulsively and helped to gain a foothold higher. This is a very strong bullish signal.

There are no increasing actions of sellers, if you follow the analysis of volumes. The market is growing, but there are no volumes and the price is not restrained.

 

On the liquidation chart, there is a noticeable decrease in sales during the growth of bitcoin in recent days, there are no peak liquidations, and this can be explained by the fact that the main crowd is now out of the market and does not understand, and enters longs in small amounts, which is noticeable in the chart below.

The appearance of the first peak liquidations will indicate that a crowd of bears is returning to the market.

 

(c) Tim Stigal