Bitcoin price has limited downside, likely near bottom, contrarian indicator suggests (opens original article in a new tab)

Bitcoin's price has limited downside as a historical contrarian indicator suggests the bear market may be nearing its bottom, with the 50-week SMA approaching a bear cross that has previously marked market bottoms.

• Bitcoin's 50-week SMA is near dropping below the 100-week SMA, creating a bear cross
• Historical bear crosses have marked market bottoms followed by three-year rallies
• The indicator reflects past price movements rather than future predictions
• Analysts note external factors like bond yields and ETF flows still influence Bitcoin's price
• Bitcoin price is near $62,400 with 50-week SMA at $89,771 and 100-week SMA at $88,397