Analysis: Indicators Show Bitcoin Has Reached Depth Region of Cycle Bottom

BlockBeats News, June 22nd - Analyst Gaah quoted CryptoQuant data stating that the Bitcoin Cycle Momentum indicator shows that the current bear market is not over yet. The indicator has not risen above the neutral zone (0), indicating that the bear market is still ongoing. The indicator has touched the -30 level, which historically has been a deep area for forming cyclical bottoms. Historically, this range (-30) has been a major support level for BTC. However, to confirm a trend reversal, the price must form a bullish pattern, while the indicator breaks above the neutral zone.