{"id":831948,"date":"2026-07-28T18:39:19","date_gmt":"2026-07-28T18:39:19","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/831948\/"},"modified":"2026-07-28T18:39:19","modified_gmt":"2026-07-28T18:39:19","slug":"bitcoin-is-showing-signs-of-a-bottom-chart-analysts-say","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/831948\/","title":{"rendered":"Bitcoin is showing signs of a bottom, chart analysts say"},"content":{"rendered":"

Bitcoin is showing its most encouraging signs yet of establishing a long-term bottom after months of weakness, according to chart analysts. The price of the flagship cryptocurrency has drifted in the $60,000 range for almost two months after dropping below $70,000 at the start of June. It’s about 50% off its October record of roughly $126,000. Bitcoin’s rally toward $83,000 in May was an opportunity to reduce exposure ahead of renewed long-term weakness, according to Oppenheimer’s technical analyst Ari Wald. Since then, however, the price has\u00a0stabilized above $58,000, after giving back roughly\u00a060% of its gains\u00a0from the 2022 to 2025 rally. Wald said bitcoin\u00a0appears to be\u00a0building a bottom, though another bout\u00a0of weakness is\u00a0possible. “Downside momentum has begun to decelerate based on a bullish divergence in bitcoin’s weekly relative strength index, a measurement of the speed of price,” Wald said in a note Monday. “We expect additional consolidation until bitcoin can reclaim its 200-day average and cannot rule out a final leg lower similar to Q4’2022. Still, recent action represents the most constructive evidence of a developing bottom we have seen thus far.” BTC.CM= 6M mountain Bitcoin (BTC) over the past six months Bitcoin’s 200-day moving average \u2013 which tracks the average closing price over the past 200 trading days \u2013 is at about $72,000. Wolfe Research’s Read Harvey echoed that bitcoin is in a broader downtrend and that he expects the recent uptick to the $65,000 level to lose momentum before another decline. “Price remains in a clear downtrend beneath the downward sloping 200-day moving average, which it has failed to eclipse since losing it in November,” he told CNBC. “We expect this latest stretch of relief to ultimately stall out below the 200-day moving average and reverse to make a new leg lower \u2013 as we have already seen play out multiple times this year.” He added that he subscribes to the view that bitcoin is operating on a four-year cycle \u2013 which historically has played out as three up years followed by a down-year \u2013 and that that roadmap implies a bottom below $40,000 in October. Fairlead Strategies’ Katie Stockton said one of the momentum indicators she tracks has started improving even though bitcoin recently fell to a new low, suggesting selling pressure may be easing and strengthening the case for “a more sustained recovery.” “Bitcoin’s cyclical downtrend appears to be maturing,” she said in a note Monday. “Long-term oversold conditions \u2026 [suggest] a basing phase has likely begun.”<\/p>\n","protected":false},"excerpt":{"rendered":"Bitcoin is showing its most encouraging signs yet of establishing a long-term bottom after months of weakness, according…\n","protected":false},"author":2,"featured_media":831949,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[4497,45,161,49,48,4614,1385,100,3097],"class_list":["post-831948","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-breaking-news-investing","tag-business","tag-business-news","tag-ca","tag-canada","tag-cryptocurrency","tag-investment-strategy","tag-markets","tag-stock-markets"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/831948","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=831948"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/831948\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/831949"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=831948"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=831948"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=831948"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}