Vadim Shovkun, a hands-on trader and founder of the Crypto Shaman project, talks about the current situation in the market.

After long weeks of bear market, Bitcoin has finally shown some pretty good growth on daily and even weekly timeframes. Should we accept this as the beginning of a comeback?

In the previous review, the growth scenario was described as the most likely. It was also said that many liquidations are concentrated around $21,500. Thanks to them, the price rose very quickly to $ 22,500.

While the absorption of this pulse is observed. Thus, after a growth of 15%, a circular “break” is needed. The price is currently in the strong resistance zone of $21,800-22,000.

The negative factor is that no abnormal volume is observed against the background of such a strong upward push. Accordingly, there are no truly aggressive buyers. It is possible that the price was just thrown in to knock out a large amount of accumulated short positions.

For now, the logical continuation of the movement would be a minor reversal towards the ascending white line, approximately in the middle of the growth trajectory.

Recall that the second quarter of 2022 was the worst quarter for Bitcoin in the last 11 years.

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