Bitcoin's price chart resembles the stock market in the 1930s, suggesting that the cryptocurrency could be heading towards a major drop, according to Bloomberg's senior commodity strategist, Mike McGlone.
The recent crash in the crypto market has heavily impacted memecoins, raising concerns about a broader bear market, but it remains uncertain if this trend reflects a market reversion or just the typical underperformance of memecoins.
The recent price pullback in Bitcoin and the cryptocurrency market is not surprising, as most risk assets typically suffer when the S&P 500 falls; however, volatility for both Bitcoin and the S&P 500 is declining, which suggests mainstream migration and a potential lack of price-pump potential for Bitcoin.
The cryptocurrency market has experienced a notable downturn, with the total market capitalization falling by 10% and triggering significant liquidations on futures contracts, attributed to factors such as rising interest rates, inflation, delays in approving a Bitcoin exchange-traded fund (ETF), financial difficulties within the Digital Currency Group (DCG), regulatory tightening, and a strengthening US dollar.
Bitcoin and other cryptocurrencies remained stable on Wednesday after a significant decline, indicating a bearish trend supported by technical factors.
Ethereum may have reached a bottom in the bear market and is expected to break out from an ascending triangle pattern, according to crypto strategist Credible Crypto, who predicts a consolidation between $1,600 and $2,000 for the rest of the year before a surge in early 2024. However, they also hold a bearish view for ETH/BTC in the short term.
The price of AVAX has been heavily impacted by the bear market in crypto, leading to a multi-year low and causing nearly all AVAX holders to be at a loss, despite several significant developments in the AVAX ecosystem.
Key social metrics suggest that cryptocurrency markets may soon rebound, as the use of the term "bear market" has reached an 11-week high on social media platforms, which historically indicates that price rises are likely; additionally, deep-pocketed investors are accumulating Bitcoin again, contributing to a recent rally.
Bitcoin remains on track for a massive bull cycle despite recent price decline, as indicated by broader indicators of its price patterns and the use of logarithmic growth curves. The 200-week moving average is seen as less significant as a key price support level for Bitcoin, and the analyst is also looking for an entry point for Ethereum.
Bitcoin prices experienced a sudden drop last week, with analysts attributing it to large liquidations of perpetual futures and a report that SpaceX had sold the cryptocurrency, while industry insiders have mixed opinions on the impact of spot bitcoin ETFs and Coinbase's investment in Circle.
Cryptocurrencies experienced a significant drop ahead of Federal Reserve Chair Jerome Powell's Jackson Hole Symposium speech, while the global crypto market capitalization decreased by 0.83% in the last day.
Bitcoin on-chain activity is at multiyear lows, with a decrease in velocity indicating a lack of major trading activity and new investors entering the market, resulting in a stagnant BTC price.
Bitcoin (BTC) price remains stagnant and could potentially slide lower, while Ethereum (ETH) and Ripple (XRP) prices are also experiencing a lack of activity, which may have negative implications as markets tend to be impatient.
Bitcoin and other cryptocurrencies are experiencing a decline, with Bitcoin falling below $26,000, as traders remain cautious following Federal Reserve Chairman Jerome Powell's speech.
Long-term holders of Bitcoin are continuing to accumulate the cryptocurrency despite recent market volatility, indicating a bullish outlook for the future, according to analysts from Bitfinex. However, newer long-term holders who acquired their positions during the bear market are showing more unease and have exited their positions during price drops.
There is a possibility that digital assets may not witness another bull market, according to a crypto strategist who is growing skeptical of the market's potential for a bullish reversal this time around, citing a lack of real-world use cases and the failure to deliver on promises. However, another investor remains confident that a crypto bull market is coming, predicting a potential decline in prices before a new bull market begins.
Cryptocurrency industry observers argue that Bitcoin is not in its longest bear market and may not even be in a bear market at all, as the definitions of bull and bear markets are subjective and can vary based on different interpretations. Some believe that Bitcoin has been in a bear market since its peak in November 2021, while others argue that Bitcoin has been in a continuous bull market since 2019.
Crypto prices, including bitcoin and major tokens, experienced a decline due to profit-taking and a general risk-off environment, erasing gains from Grayscale's court victory, with prices weakening ahead of the U.S. jobs report release.
Bitcoin's price dropped below $26,000 as the approval of a Bitcoin ETF was further delayed by the SEC, reversing the bullish gains from the Grayscale court decision earlier in the week. The crypto market also experienced a decline, with Ethereum's price going down by 3.5% and the overall market cap losing $11.2 billion. However, Maker and Toncoin managed to resist the bearish trend with positive gains. The global macroeconomic landscape also added to the uncertainty, as key economic data raised doubts about a potential interest rate hike.
Bitcoin's spot trading volumes for the current quarter have been significantly lower compared to previous quarters, potentially indicating a decline of around 14% month over month, while Ethereum's trading volumes are also at a level not seen since 2019, suggesting a similar trend for the cryptocurrency.
Bitcoin and other cryptocurrencies experience a decline as the Securities and Exchange Commission slows down the decision process for crypto exchange-traded funds.
Most of the top cryptocurrencies remain stable, with minimal gains or losses over the past week, except for TON, which increased by 22%, and Bitcoin Cash, which rose by 8.6%, driven by positive developments in the TON ecosystem and the Grayscale/SEC news.
Global search traffic for the term "cryptocurrency" has reached a five-year low, potentially influenced by factors beyond price volatility such as regulatory crackdown and increased knowledge of crypto among the general public.
Bitcoin, the pioneer digital currency, is showing signs of declining interest as trading volumes and search traffic decrease, indicating a period of uncertainty and potential downside movement in the market.
Bitcoin's price has fallen below its 200-week moving average, indicating a bearish trend, but historical data suggests that this could be a buying opportunity for patient investors.
Despite the recent downturn in the crypto market, a key Bitcoin metric shows that 95% of the existing supply of Bitcoin has not moved in the past 30 days, indicating strong holding behavior and potential for a price rally with a buy-side catalyst.
Big tech stocks and cryptocurrencies, including Bitcoin, may underperform in the coming years due to contracting market liquidity and the Federal Reserve's hawkish policies, according to crypto analyst Nicholas Merten.
Bitcoin could decline by more than 60% if Apple's market cap continues to decline, according to crypto analyst Nicholas Merten. A plummeting Apple market cap would have a significant impact on Bitcoin and other equities.
Despite Visa's announcement and warnings from Binance's CEO, major cryptocurrencies such as Bitcoin and Ethereum are struggling in a bearish trend while a top Federal Reserve official expresses deep concern over the $120 billion stablecoin market.
Major cryptocurrencies declined as investors awaited regulatory developments, including the SEC's ruling on a Bitcoin ETF, while Coinbase revealed plans for international expansion and focus on obtaining licenses in key financial jurisdictions.
The recent decline in the price of Bitcoin has raised concerns of a larger market downtrend, with Ethereum and Ripple also at risk of falling if Bitcoin weakens further.
Crypto spot trading volume on exchanges dropped significantly in August, reaching the lowest monthly total since March 2019, due to bearish price action and factors such as SpaceX's Bitcoin sale and Grayscale's victory over the SEC.
Bitcoin, ethereum, and other top cryptocurrencies have been struggling recently despite the market conditions, as the bitcoin price drops and Coinbase plans to integrate bitcoin's lightning network, potentially causing crypto price chaos.
Despite claims of a bear market for cryptocurrencies, indicators such as website traffic suggest that crypto adoption and demand for crypto services have actually been growing in 2023.
Bitcoin and other cryptocurrencies experienced a decline after the Federal Reserve decided not to raise interest rates, suggesting that significant gains may not be anticipated in the near future.
