Analysis: 6 key market indicators suggest Bitcoin bulls may still have the upper hand

Odaily News Despite the volatility of BTC prices and a new five-month low, several key indicators suggest that bulls may still have the upper hand, including: 1. The market pullback is mainly due to concerns about market sell-offs due to Mt. Gox's continued repayment of more than 140,000 BTC to its customers and the German government's BTC liquidation. Although prices continue to fall, selling pressure is weakening. In technical analysis, this situation usually indicates that the current downward trend may reverse or slow down; 2. Two classic technical indicators support the bullish reversal scenario, the hammer line is bullish, and the oversold RSI. Bitcoin BTC formed a bullish hammer line pattern on July 5. In addition, the daily RSI reading hovers around the oversold threshold of 30, which usually indicates a consolidation or recovery period; 3. Wall Street is betting on an increased probability of a rate cut in September. According to CME data, as of July 7, Wall Street traders believed that the probability of a 25 basis point rate cut by the Federal Reserve was 72%. A month ago, the probability was 46.60%; 4. Bitcoin ETF investors returned after the July decline, and after two consecutive days of capital outflows, the capital inflow of US spot Bitcoin ETFs resumed. 5. The US money supply expanded again; 6. The capitulation of Bitcoin miners suggests that the BTC price has bottomed out.