Analysis: Bitcoin’s current correction has reached 26.6%, which may be the largest drop in this round of bull market

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According to ChainCatcher and Cointelegraph, Julio Moreno, research director at CryptoQuant, stated that Bitcoin has pulled back by 26.6% from its high of $109,500, approaching the largest decline in this bull market. Although not yet comparable to the bear markets of 2022 (-73%) and 2018 (-83%), ecoinometrics noted that BTC's rebound is becoming more difficult against the backdrop of a flat Nasdaq, and the risk of correction remains.

Affected by this, Strategy did not increase its BTC holdings from March 31 to April 6, with a total investment of $35.65 billion, achieving only a 17% return. Additionally, if BTC closes below the 50-week EMA this week, it may signal the start of a bear market, with the current key support level being the $65,000 to $69,000 range.

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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