After briefly slipping to the $21K zone, Bitcoin (BTC) continues to trade at levels last seen in December 2020.
Водећа криптовалута пала је за 9.94% у последња 24 сата и достигла 22,668 УСД током трговања унутар дана, према ЦоинМаркетЦап.
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 објаснио:
“Са Цене биткоина 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 напоменути:
“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 изјавио:
“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 рекао:
“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.”
Извор: ЦриптоКуантSimilar sentiments were echoed by crypto trader Rekt Capital, who напоменути:
“BTC is approaching RSI levels last seen at the 2015 & 2018 Bear market bottoms.”
Извор: ТрадингВиев/РектЦапиталBradley 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, Блоцкцхаин.Невс пријавио.
With the crypto markets being in extreme fear mode, time will tell how things shape up moving forward.
Извор слике: Схуттерстоцк
Source: https://blockchain.news/analysis/bitcoin-enters-the-deepest-phase-of-the-current-bear-cycle-as-price-slips-to-an-18-month-low