Bitcoin fear and price capitulation is in full swing. Momentum is strong and markets are filled with uncertainty. This price volatility is unmatched in recent history. The price losses are similar to March 2020.
This Green and Red Lines are market support or Resistance. Green lines are price resistance that BTC has passed thru and Red are BTC price resistance/support yet to be proven.
The Correlation Coefficient(CC) (freq 5) is attached to the comparing CME BTC Futures. So far the CME Bitcoin futures are priced consistently with BTC. A week prior to June 14 2022 the CC was in the negative direction showing CME was representing a rise in BTC price while BTC 24/7 spot market represented a decline in BTC price. This lag has been reduced from the previous weekend. 6/13/2022 daily close 22450.43 BTCUSD BITSTAMP.
Weekly MACD is showing price momentum to be divergent from 4/12/2021 to 11/08/2021. The month of December 2021 to Late March 2022 proved this divergence had some clear momentum that would not stop simply.
From March 28 2022 to present day it is clear the market was not valuing risky assets like BTC and would prefer to sell. And wait to buy at a lower price for BTC.
Similar price volatility to the downward direction has been seen in BTC history back in November 2018
Again BTC A/D recovery in 2 week period beginning in April 8th 2022 marking the beginning of the bear trend continuation. This same failure to recover the A/D above the zero line preceded the market crash in 2018 this event occurred over a period of 2 months from September 10 2018 to October 22 2018
It would not be likely in the near term we would see such a record number of participants entering the market within the year 2022. It would be likely BTC would just crab walk sideways around a range of 44K and 19K till the year end. Volatility will increase from here.