#BTC Bitcoin Weekly SuperTrend Flashes Sell Signal From 2022 Despite BTC/USD Strength.

In the last few weeks, the sentiment around Bitcoin has turned around as bulls have pushed it past the $100,000 mark once again. Despite the recent drawdown, the BTC price is still bullish, with the market sentiment sitting in greed. However, a new development on the Bitcoin weekly chart could signal an end to the recent bullishness, just like it did back in 2022.

Sell Signal From 2022 Reappears

Back in 2022, large sell-offs triggered by the crash of the FTX crypto exchange brought an abrupt end to the Bitcoin bull market and plunged investors into months of despair as prices lagged. During this time, a sell signal on the Bitcoin Weekly SuperTrend went off and the result was the over 60% decline of the Bitcoin price. Since then, this sell signal has remained dormant, but now it has returned.

Crypto and CMT-Certified analyst Tony Spilotro took to X (formerly Twitter) to share a disturbing formation on the Bitcoin chart. The analyst explained that the sell signal on the weekly supertrend which had been dormant had finally returned. This signal was triggered just below the current all-time high of $109,000 and it seems the market is playing out accordingly.

The analyst explained that while the BTCUSD pair continues to show strength, it could be a false strength. This is because the US dollar has weakened recently, which means that this could be the reason behind the strength shown by the BTC price. Additionally, Tony revealed that even the BTCEUR pair has not shown any crossover of the LMACD.