Bitcoin’s (BTC) Color On May 22: Green or Red?

Bitcoin still appears to hide and recover from the somewhat exhausted bearish chase. Though the king crypto made several efforts to rally, the $30,000 mark proved challenging to crash.

While publishing this content, BTC traded at $29,339. Nevertheless, Does Bitcoin plan to continue pleasing sellers or bulls regain their lost glory? Let us check what metrics suggest.

More Hibernation?

Bitcoin has not seen remarkable performances on its charts un 2022. Moreover, Glassnode data showed that whales holding Bitcoin touched 21-month lows of 1,745. Also, active supply within the past 5 – 7 years hit 3-month peaks of 699,937.

Contrarily, addresses holding over one million BTC touched 844,957 ATH, regardless of the current bearish market. While publishing this blog, Exchange Netflow Volume hovered near -1,369, reflecting investors’ inclination towards holding the digital coin.

Does that imply that near-term investors can push the market structure in the opposite direction? Is Bitcoin displaying mixed indicators about current performance? That might be early to conclude that as other metrics reveal another tale.

Bulls Weaken as Bears Strength

While writing this content, the BTC Fear & Greed Index exhibited extreme fear readings, standing at 14. Also, the MVRV and NVT rations hovered at 1.23 and 43.89, respectively, highlighting strengthening bearish movements.

Lastly, the Relative Strength Index remained steady at 36.55, exhibiting sideways actions. The AO (Awesome Oscillator) remained beneath the zero-line while flashing green bars. That showed trend reversal hints, though bear pressure existed.

A Bullish Run Anytime Soon?

As usual, most BTC fans still believe in an optimistic feature future. For instance, a tweet by Jack Mallers stated that BTC remained the future of cash. Crebaco Global CEO Sidharth Sogani also shared a dovish post about Bitcoin. Also, Robert Kiyosaki favored Bitcoin.

Despite optimistic views from BTC enthusiasts and what some metrics indicate, most indicators showed bears controlling the market in the near term during this publication. However, that does not imply Bitcoin is green or red. Let us wait for what upcoming trading sessions will reveal.

What are your views about BTC’s current position? You can leave a reply in the comment section below.