It’s been a rough June for Bitcoin, but has it been historically bad? BTC could see its first monthly close below the 200-week moving average. (Reporting via WilliamSuberg)
BTC/USD 1-hour candle chart . Source: TradingViewWhile some panic sell their BTC, analysts are striving to show that so far, there is nothing unusual about the scope of the Bitcoin bear market.A Bear of Historic Proportions“Bear market lows have historically been established with BTC drawdowns of -75% to -84% from the ATH, and taking a duration of 260-days in 2019-20, to 410-days in 2015,” it wrote.
What singles out the current climate is not Bitcoin itself, but investors’ reactions to price changes.have eclipsed previous records“The recent price collapse through to the $20k region was punctuated with the largest daily USD denominated realized loss in history,” Glassnode noted. With the bear market in full swing, BTC/USD remains below a key trendline that has supported it during previous macro lows. The 200-week moving average , which has never decreased in value, currently sits at $22,430., Bitcoin has retained the 200WMA as support while wicking below it to put in floor prices.
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