• Bitcoin loses downside flexibility after retesting June’s support level.
• Market sentiment switches in favor of the bulls, leading to speculation that the bottom is in.

What if Bitcoin [BTC] is currently in a cycle bottom? This idea has been floating around lately and could be one of the reasons why the bulls are regaining momentum lately.

Is your portfolio green? Check out the Bitcoin Profit Calculator

Bitcoin regained bullish momentum after a downcast start this week. It slid by over 2% on 11 September, Monday, but followed up with a 3.87% rally in the last 24 hours at press time. This bullish performance has got the market pondering on whether it could be a sign that the market has bottomed out.

LunarCrush conducted a survey on X to establish the level of bullish and bearish sentiment. Roughly 56.4% of correspondents anticipated more downside while 43.6% expected the market to be at its bottom.

The crypto market has bottomed.

— LunarCrush Social Trends (@LunarCrush) September 12, 2023

Why the bottom could be in or close

Bitcoin’s crash on 11 September was noteworthy for two main reasons. The price previously struggled to push to lower price levels and once it did, a massive bullish pike followed. This suggested that more traders are confident that lower price levels are more appealing.

Furthermore, the recent dip sent the price for a retest of its June lows (previous suppor

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Author: Michael Nderitu

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