Bitcoin’s (Btc) 26.62% denial from $ 109,500 all-time high is on route to be the deepest drawdown of the current cycle of the bull market, according to the Cryptoquant Head of Research, Julio Moreno.
Bitcoin price analysis assessment. Source: x
Bitcoin has experienced significant drawdowns in previous cycles, with a well -known 83% fall from its peak in 2018 and a 73% correction from all -time highs (ATH) in 2022. In comparison, the current decline of 26.62%, while large, remains less severe than the past markets.
This indicates that even though the current collapse is affecting, it has not yet reached the intensity of previous cycles. However, Crypto and MacRO said ‘Ecoometrics’ that Bitcoin could insist on stageing an immediate cycle. The analysts explained, explained,
“Historically, when the NASDAQ 100 drops under the long-term-year-on-year average return, Bitcoin tends to grow slower. It also faces a higher risk of entering a severe correction.”
Bitcoin and Nasdaq’s correction. Source: x / ecoometrics
With Nasdaq 100 currently flat-year-olds, Bitcoin price recovery can be difficult, even if the correction stops.
The recent bitcoin (Btc) The price drop also puts Michael Saylor’s approach to the defense, with the firm choosing not to buy any BTC for its treasury between March 31 and April 6.
In addition, the data from the strategytracker Highlighting That the corporation spent $ 35.65 billion on its bitcoin handling, which currently reflects a 17% return to just a five -year handling.
Related: Michael Saylor’s approach has stopped buying bitcoin despite sinking below $ 87K
Can Bitcoin hold a position above $ 70K?
In the weekly chart, Bitcoin tried a 50-week exponential transfer of average (blue indicator) for the first time since September 2024. A weekly near the below 50-W EMA signed the beginning of a bear market in previous market cycles.
Bitcoin weekly chart. Source: Cointelegraph/TradingView
The immediate point of interest below the current price remains at $ 74,000, which is the early 2024 throughout the time. However, the day -to -day demand zone between $ 65,000 and $ 69,000 can be a larger level of liquidity based on its significance. The level of $ 69,000 is also the 2021 all-time high price.
In addition, the weekly KaMag -child of the Komain -child index, the RSI, has reached the lowest value of 43 since January 2023 at the end of the Q1. In August 2023 and September 2024, the RSI recovered from a similar amount to resolve a price recovery for Bitcoin. In 2022, when the RSI dropped below 40, Bears controlled the market.
The unidentified crypto businessman is re -predicted capital based on the sun -day -day value of RSI and said,
“The sun -day -day -to -day RSI trends in this cycle suggest anything from current prices to ~ $ 70,000 are likely to be under this correction.”
This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
