After Bitcoin’s unsuccessful attempt to reach $100k on February 21, its price took a downward trend, falling to the $87k range today. This decline was intensified by a hacker attack on the BitBit exchange, as well as overuse of trading leverage and liquidation of positions. Nevertheless, three important charts indicate that the Bitcoin uptrend is not over yet. The Fear and Greed Index is in ‘Extreme Fear’ territory, but positive developments such as ETF approvals and market regulations changes can fuel a return to the bullish trend. The Bitcoin Power Law Cloud model, based on past price cycles, deviations, and predictive patterns, suggests that the recent drop is still within an acceptable range. Finally, the relationship between Bitcoin price movement and the ISM index reflects the potential impact of the current economic health evaluation on Bitcoin’s price.
