After briefly slipping to the $21K zone, Bitcoin (BTC) continues to trade at levels last seen in December 2020.
Жетектөөчү криптовалюта акыркы 9.94 саатта 24% га төмөндөп, күндүзгү соода учурунда 22,668 XNUMX долларга жетти. CoinMarketCap.
Glassnode believes BTC is entering the deepest part of the present bear cycle, given that even long-term holders are experiencing losses. The market insight provider түшүндүрдү:
"менен Bitcoin баалары selling off to the mid-$20ks, a plethora of macro indicators suggest the market is entering the deepest phase of this bear cycle. Fundamentals have deteriorated, and even Long-term Holders are now realizing significant losses.”
Is Bitcoin at rock bottom?
The top cryptocurrency is also hovering around the 200-week moving average, which is indicative of a market bottom, according to crypto analyst Lark Davis. He белгиленген:
“The 200 week moving average for Bitcoin has marked previous bear market bottoms.”
Source: TradingView/LarkDavisThis indicator reflects a long-term measure that shows four years of an asset’s price action.
Therefore, it remains to be observed whether Bitcoin will bottom out and change course because the 200-week moving average zone has previously acted as a reversal point.
On-chain insight provider Coinglass деген:
“In each of its major market cycles, Bitcoin’s price historically bottoms out around the 200 week moving average.”
Other analysts have also joined the discussion and opined that Bitcoin might be edging closer to the market bottom.
For instance, market analyst Ali Martinez мындай деди::
“Bitcoin has officially gone from Greed to Denial, from Denial to Anxiety, and from Anxiety to Fear. BTC has now entered Capitulation, which usually tends to kickstart a new market cycle based on the NUPL indicator. This means that the BTC market bottom is closer than ever.”
Булак: CryptoQuantSimilar sentiments were echoed by crypto trader Rekt Capital, who белгиленген:
“BTC is approaching RSI levels last seen at the 2015 & 2018 Bear market bottoms.”
Булак: TradingView/RektCapitalBradley Duke, the Co-CEO at crypto ETP-provider ETC Group, noted that the recent LUNA collapse sent shockwaves in the entire ecosystem and this is what is partly causing the market to bleed, Blockchain.News билдирди.
With the crypto markets being in extreme fear mode, time will tell how things shape up moving forward.
Сүрөттүн булагы: Shutterstock
Source: https://blockchain.news/analysis/bitcoin-enters-the-deepest-phase-of-the-current-bear-cycle-as-price-slips-to-an-18-month-low