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Jason Pizzino, Crypto Trader & Analyst at YouTube / Trading, observes that Bitcoin is exhibiting a familiar 12-year-old pattern: rising toward its 200-week moving average (MA) on low trading volume.
Pizzino explains that in all prior Bitcoin bear markets, a similar rally was typically followed by a correction on increasing volume. He adds that this increase in trading activity is viewed as a positive indication the bear market is nearing its end and is about to transition to its final phase.
In recent months, Pizzino has cautioned that Bitcoin may face further downside and has not yet reached a definitive bottom, according to his warning on impending capitulation. He previously noted that Bitcoin was repeating a 2022 bear market pattern, but with weaker structure as indicated by lower trading interest and volume during past cycle lows. These observations build on his ongoing analysis of bearish indicators in the cryptocurrency market.