Key Trading Indicator Suggests Bitcoin Bulls Are Steadily Accumulating

Bitcoin (BTC) closed the week with a selloff, pushing price below the $8k handle and printing a close down 2.5% for the week as a whole. Despite an ominous close to the bottom of the trading range, Bitcoin has rebounded higher this morning alongside other cryptocurrencies, with notable gainers XRP and Link breaking 10% gains for the day. 

With that in mind and with Bitcoin sat at a crossroads, we will take a closer look at the key timeframes to try and determine if Bitcoin is nearing a bottom.  

Daily crypto market performance. Source. Coin360.com

Weekly Bitcoin price chart

BTC USD weekly chart. Source: TradingView

Bitcoin closed the week having failed to make enough of a response to regain the ground lost after breaking down from $9,500 the prior week.  The sentiment in the space has been decisively bearish with a general consensus among analysts suggesting that there is more risk to the downside than to the upside. Despite these bearish sentiments, the 100 week moving average…