Bitcoin’s seventh week in red continues while the previous six-week record happened back in 2014 so let’s read more today in our latest Bitcoin news today.
Bitcoin’s seventh week of losses is unprecedented. The last time this happened was in 2014 when BTC dropped from $507 to $323 and this year, the primary cryptocurrency suffered a dramatic collapse from $46,900 to a close of about $31,300 with a 33% loss. Before the bearish turn, the top crypto by market cap surged past $45,000 for the first time in January and the market sentiment grew much bullish among traders and analysts alike as the enthusiasm over TErra’s plans to build a $10 billion BTC reserve further rallied the community.
This month shows a different picture, however. Bitcoin price dropped to lows unseen since late 2020 and the Terra ecosystem collapsed as the UST stable coin lost its peg to the dollar while LUNA dropped to zero. In the meantime, the Luna Foundation Guard dropped 99% of its 80,000 plus BTC on the market which is trying to fledge attempts to shore up UST. The Bitcoin fear and Greed Index is a measure of the BTC community and market attitudes flipped to greedy for the first time since November and the index shows extreme fear at 14 compared to the November high of 84.
The analysts are mixed on whether BTC reaches a bottom. One analyst, Will Clemente said he believes the asset reached multi-generational bottom based on multiple indicators and included a fast-approaching realized price which is the average cost basis for the BTC purchased so far and was visited for a short time in March 2020. the researchers at Huobi remained bearish and one of them predicted the price dropping to $20,000 to $25,000:
“The market bottom has yet to come, and value investors should hold off on buying.”
As recently reported, Bitcoin jumped above $31,000 but was then stopped in its tracks and it is now below the $30,000price point. Most altcoins are calm on a daily scale with Cardano being among the very few exceptions after the 6% increase. Last week was one of the most violent for the main cryptocurrency in recent history as it chased an 18-month low of $25,300 despite recovering a few thousand dollars and the week closing in red making it seven in a row. This came when the price increase of yesterday pushed it above $30,000 and the asset jumped to a multi-day high of $31,000 where it stood for a little bit but then failed.
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