bitcoin (BTC/USD) traded above $16,000 on Wednesday morning, rising almost 3.2% to hover just above $16,500 at the time of writing.
Despite the uptrend, the flagship cryptocurrency remains vulnerable to downward pressure, which saw its price drop to a low of $15,655 on Monday. This happened when the jittery shock from the collapse of crypto exchange FTX prompted more selling not only for but ftx tokenBut the entire crypto market.
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Action In US Futures Early Wednesday Suggests What Crypto Could Happen Later shares,
Wall Street closed higher on Tuesday, but ahead of the market open on Wednesday, the S&P 500, Dow and Nasdaq futures were all marginally lower as US stocks headed for their last full trading day of the week before Thursday’s break. Was ready, and for the Thanksgiving holiday, and a half-day business on Black Friday.
Bitcoin fell to a two-year low on Monday
BTC trading above $16,000 after Monday’s dump puts it at a key support level, following this year’s biggest decline since 2018 in a 2022 drawdown. And as the price dropped towards $15,600 in the first week, the total decline since the bull market peak reached 78%.
Indeed, the total bitcoin market lost $1.9 billion on Friday last week following the selloff, the fourth largest daily-logged loss in bitcoin history. On-chain data provider Glassnode Thrown light on The top three times this has happened in the past are:
Market intelligence platform Sentiment says that the latest drop below $16k forced further weak hands to exit the market. However, bitcoin at the same time was “noticing its lowest level of profit since November, 2019”.
According to an on-chain and social metrics analytics provider, bitcoin price has typically seen a surge when the above metrics trend clearly negative.
Charlie Bilello, founder and CEO of Compound Capital Advisors, highlighted on Tuesday that bitcoin’s bearish run lasted 376 days — the longest since the price plunged for 410 days in 2013-2015.
It took bitcoin 1,181 days after reaching a new high in the 2015 bear market, while the recovery took 1,079 days to reach a new peak after 2018.
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