Sign Up on MEXC
Since the beginning of the new year, the price of Bitcoin (BTC) has witnessed some short-term gains, however, the market value of the flagship cryptocurrency continues to languish below important support levels. The BTC price has battled to remain above $17,000 for a number of weeks now, but hasn’t been able to break the resistance and recently fell below the $ 16,900 mark for the first time in almost two months.
Bitcoin Still Not Bottomed
The struggle doesn’t end here as Bitcoin may still be able to reach much lower prices in the future. Data from CryptoQuant, suggests that the price hasn’t bottomed out yet as many were expecting. During positive crypto market cycles, the price usually remains higher than the realized price. On the other hand, as a bear market is nearing its final capitulation phase, the price falls below the realized price, causing widespread panic.
Realized Price is the measure of the average price weighted by the supply of what the entire market participants paid for their coins. It can be interpreted as an on-chain support or resistance price and is calculated as realized cap divided by the total coin supply.
Furthermore, during this period, market players are under a great deal of stress, and as a result, they sell off their assets in order to prevent more losses and control their exposure to further crypto market changes. Now, looking at previous cycles, the beginning of a bull market can be predicted by the BTC price outdoing the realized price. However, this has not yet occurred, as the price has been unable to break above a certain price point and recently got rejected to the downside with significant bearish momentum.
Read More: Top 10 DeFi Lending Platforms In 2023
Bitcoin (BTC) Price To Remain Bearish?
As a result, there is still room for Bitcoin to fall, and the end of the current bear market won’t be expected until the price surpasses the realized price, which is presently at $19.7K. Until then, the negative trend is expected to continue.
As things stand, the Bitcoin (BTC) price is currently being traded at $16,970. This represents an increase of 0.82% on the day, in contrast to a gain of 2.07% during the week as per CoinGape’s crypto market tracker.
Also Read: Solana’s BONK Crashes By Nearly 40%; Is The Bull Run Finally Over?
- Bitcoin’s Bull Cycle May Peak This Month, Peter Brandt Says
- Ethereum Whales Buy $204M ETH Amid Rebound Above $4,400
- SOL Rises as Nasdaq-listed Forward Completes $1.65B Raise For Solana Treasury
- Breaking: U.S. CPI Inflation Rises To 2.9% YoY, Bitcoin Reacts
- Over $4 Billion in Bitcoin and Ethereum Options Expiring After US CPI
- Pi Network Price Wyckoff Theory Signals a Surge as One Whale Keeps Buying
- ETH Price Prediction As Bitmine and SharpLink Continue ETH Buying Spree- Analyst Predicts $7K Next
- AVAX Price Prediction as Avalanche $1B Treasury Gains Momentum – Is $55 in Sight?
- Pump Price Forecast as $12M Buyback Fuels Scarcity — Is $0.01 in Sight?
- SUI Price Prediction as Mysten Labs Meets SEC Ahead of ETF Decision—Is $7.5 Next?
