) recent recovery back above the psychologically important price level of $20,000 was a sign to many traders that the bottom was in, but a deeper dive into the data suggests that the short-term relief rally might not be enough proof of a macro-level trend change.
Despite the pain that has already been felt since Bitcoin’s price topped in November, a comparison between its pullback since then and the 2017 market top points to the possibility of further decline in the short-term.During previous bear markets, the price of BTC fell by roughly 85% from its top to the eventual bottom.
As shown in the weekly chart below, BTC’s 14-week RSI recently fell below 30 for the third time in its history, with the two previous occurrences coming near a market bottom.While some may take this as a sign that now is a good time to reenter the market, Delphi Digital offered a word of caution for those expecting a “V-shaped” recovery, noting that “In the prior two instances, BTC traded in a choppy sideways range for several months before finally staging a strong recovery.
What the market is really looking for right now is the final capitulation that has historically marked the end of a bear market and the start of the next cycle.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Coin Coin Latest News, Coin Coin Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'Foolish' to deny Bitcoin price can go under $10K — AnalysisNever say never. Bitcoin could be going to $10K, and it's 'foolish' to say otherwise, claims an analyst. I've come to realize that you guys keep spitting out negativity and FUD systematically. Cheer the fuck up! 😁😂 Seriously. Maybe you need a holiday? LFG!🚀 I don't care at all, it was obvious from the very beginning. Idk what idiot will believe these ridiculous tweets that a new bull cycle is beginning. I'm still sure that the best buy right now is usdt. But but the log chart and the s2f is impossibile breaking 10 year support it ALWAYS bounced
Source: Cointelegraph - 🏆 562. / 51 Read more »
Top 5 cryptocurrencies to watch this week: BTC, UNI, XLM, THETA, HNTAlthough Bitcoin is struggling to form a bottom, altcoins are on a roll and the current price action could benefit UNI, XLM, THETA and HNT. 1. $SOL 2. $ETH 3. $LNDS (NFT real estate project in private sale) 4. $DOME (heard some juicy info about the new updates) 5. $BNB $GOO as well as its token you earn and spend in GooeysP2E NFT game. Your Gooey NFTs are characters in the game you send off to do quests and they return with goo token and fruit you feed them with. It looks like we're in for a long term bear market❗ This gives people the chance to find new and exciting projects📈 NFTshootout will soon have a gaming marketplace where in-game NFT's can be traded, along with a play-to-earn Football game🔥🔥🔥
Source: Cointelegraph - 🏆 562. / 51 Read more »
Swan Bitcoin CEO against crypto lenders: Users are way under-compensated for the riskCelsius facing insolvency issues might be new, but coryklippsten saw some red flags before many. We sat with the founder of SwanBitcoin to discuss the recent market collapse, Terra, Celsius, 3AC, and much more. coryklippsten SwanBitcoin When you can’t sleep- have no fear! Facebook is here! …Yay? coryklippsten SwanBitcoin Couldn’t be $COMP 🚀🚀🚀 coryklippsten SwanBitcoin AuroraFS_Labs Goods and Services cryptocurrency exchange software cryptocurrency wallets downloadable cryptographic.
Source: Cointelegraph - 🏆 562. / 51 Read more »