Bitcoin (BTC) decreased by 26.62 % of its highest level ever on its way until it becomes Deeper From the current bull market cycle, according to the head of research Cryptoquant, Julio Moreno.
Bitcoin price analysis. Source: x
Bitcoin has seen significant decreases in previous sessions, with a noticeable decrease of 83 % of its peak in 2018 and 73 % correction of its highest levels (ATH) in 2022. Compared, the current decrease of 26.62 %, while large, remains less severe than previous bear markets.
This indicates that although the current contraction is influential, it has not yet reached the severity of the previous sessions. However, Crypto and Macro Resource “Ecoinometrics” said that Bitcoin may struggle to organize immediate transformation. Analysts Clear,
“Historically, when Nasdaq 100 is less than its average long -term return on an annual basis, Bitcoin tends to grow more slowly. It also faces a greater risk to a severe correction.”
Bitcoin and nasdaq link. Source: x / ecoinometrics
With NASDAQ 100, Bitcoin's prices may be difficult, even if the correction stops.
The low prices of Bitcoin (BTC) also put Michael Celor's strategy on the defense defense, as the company chose not to buy any BTC for its wardrobe between March 31 and April 6.
In addition, data from strategytracker High That the company spent $ 35.65 billion on Bitcoin's possessions, which is currently reflecting only 17 % returning in a five -year period.
Related: Michael Sailor strategy stops
Can bitcoin carry a position above 70 thousand dollars?
On the weekly graph, Bitcoin tested the average of 50 weeks (the blue index) for the first time since September 2024. It has indicated a weekly closure less than 50 W Ema to the beginning of the bear market in previous market sessions.
Bitcoin weekly scheme. Source: CointeleGRAPH/TradingView
The immediate interest point remains below the current price at $ 74,000, which was in early 2024 at all. However, the daily demand area ranges between $ 65,000 and $ 69,000 can be a larger liquidity level based on its importance. The level of $ 69,000 is also a rise of 2021 ever.
In addition, the weekly relative power index of Bitcoin, RSI, has reached its lowest value since January 2023 at the end of the first quarter. In August 2023 and September 2024, the Business Administration Conference was associated with a similar value to operate the price of Bitcoin. In 2022, when RSI decreased to less than 40, Bears fully dominated the market.
Rekt Capital also predicted based on the daily RSI value He said,
“The historical daily RSI trends in this session indicate anything from the current prices to $ 70,000 are likely to be the bottom in this correction.”
Related: Bitcoin, stocks collapse after “90 -day” inventory, which is fake news – accumulation of whales BTC
This article does not contain investment advice or recommendations. Each step includes investment and risk trading, and readers must conduct their own research when making a decision.
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