- Bitcoin's overall losses peaked for the second time in just four months.
Bitcoin is nearer to the bottom of the market, which could be the trend reversal required to start a recovery.
Trading at $19,272, bitcoin needs to recoup support at $29,082 by the end of the third quarter.No matter how often you hear it, the fact that Bitcoin, once worth about $67,655, has been struggling to crack the $25,000 mark for three months is invariably shocking. But following the events of June, the ensuing volatility and recent declines have crept the King's currency to prior lows.
Bitcoin records unprecedented losses... Once again,
Since hitting an all-time high of $67,655 in November, Bitcoin has been in a sustained downtrend and is about to complete the year in 2 months, but the downtrend is not over 39bet-xsmb-xổ số tây ninh-xổ số binh phước-xổ số binh dương-xổ số đồng nai. In fact, any recovery observed over the previous three months was erased two weeks ago.
The August drop sent BTC down to $18,780 yesterday, and the ensuing losses induced Bitcoin to capitulate again. Unrealized net gains and losses have reached this stage only five times since Bitcoin was invented, including one three months ago.
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It's also the closest thing Bitcoin has come to serial capitulation in its history.But as BTC hits those lows, it also opens up an opportunity for a trend reversal, as the cryptocurrency is very close to the market bottom. The total percentage of earnings supplied indicator in the green area shows the same evidence.
If that happens, as long as sweeping market sentiment supports it, bitcoin could see a nice rally.
Bitcoin is back at $29,000
As it stands, BTC is trapped in two key headwinds, and turning both into backing is vital. The initial of these is the $22,840 line, which is the immediate resistance level for bitcoin, and the next key resistance level is $25,272.
The range between the latter mark and $29,082 is a backing block (orange), which has historically been a strong support for BTC.
If BTC declines further, it will rally from $17,504 and continue to turn the initial resistance into backing. From there, a break above $25,272 would permit BTC to test $29,082 as backing, which would be the first sign of a BTC recovery.