The storm might be over, but it doesn’t mean calmness arrived. Bitcoin held the volatility strike fairly well, and although it shows signs of recovery, it still can face some dip before growing again.
Even with the May 12 drop to $26,697 marking the lowest price level since 2020 multiple metrics suggest that the current levels could represent a good entry to BTC.The pullback to this level is notable in that it was a retest of Bitcoin’s 200-week exponential moving average at $26,990. According to cryptocurrency research firm Delphi Digital, this metric has historically “served as a key area for prior price bottoms.”And it wasn’t just Bitcoin that had a rough day on May 12.
As a result of the market pullback, the price of Bitcoin is now trading the closest it has been to its realized price since 2020.According to Glassnode, the realized price has historically “provided sound support during bear markets and has provided signals of market bottom formation when the market price trades below it.”
Previous bear markets saw the price of BTC trade below its realized price for extended periods of time, but the amount of time has actually decreased every cycle with Bitcoin only spending seven days below its realized price during the bear market of 2019–2020.It remains to be seen if BTC will fall below the realized price should the current bear market conditions persist, and if so, how long it will last.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Fear & Greed Index hits lowest since March 2020 even as Bitcoin price hits $30.5KThe price is up, but so is fear. Bitcoin returned to $30,500 while the Crypto Fear & Greed hit 8/100, its lowest value since March 28, 2020. (Reporting via WilliamSuberg)
Lire la suite »
Analysts flag Bitcoin price levels to watch after LFG sells 80K BTCCan Bitcoin avoid a trip to $20,000? BTC price targets increasingly favor lower levels than last week's crash.
Lire la suite »
Musk says he'll scrap Twitter buy unless he gets clarity on fake account volumeMusk says he wants proof that less than 5% of Twitter's accounts are fake or spam. Some analysts say he's just seeking a lower purchase price.
Lire la suite »
BTC/USD Forex Signal: Recovery from Dangerous BreakdownTrade bitcoin today using the guide of our Forex signal
Lire la suite »
Gas Prices Could Hit $5 A Gallon In Philadelphia Region Soon😫 It appears there is no end in sight to rising prices at the gas pump
Lire la suite »
Bitcoin Records Its Longest Bearish Streak Since Early 2015Analysts expect Bitcoin to rebound after recording seven consecutive red candles on its weekly chart
Lire la suite »