According to trader Luke Martin, Bitcoin, the flagship cryptocurrency, has already spent the most amount of days below the annual open since the 2018 bear market, with bulls trying to restore momentum.
Between 2017 and 2022, Bitcoin spent less than a month below the early open in four of the five years. On the Bitstamp platform, the bellwether cryptocurrency is presently trading at $41,384. It has lost 13.30 percent this year, trailing the S&P 500 index and gold.
Bitcoin momentarily went positive for the year in late March; it rocketed to a new 2022 high of $48,189 on the Bitstamp market. Due to the increasing market mood, the widely followed crypto “fear and greed index” also flashed greed for the first time in months. The recuperation, however, was just temporary. Bitcoin fell to $38,536, its lowest level since mid-March, on April 18. Investors are now concerned about the Federal Reserve’s growing rate of interest rates since a hawkish monetary policy stance is unlikely to benefit-risk assets such as Bitcoin.
Since achieving an all-time high of almost $69,000, the biggest cryptocurrency has dropped by a shocking 40.05 percent. According to the current statistics, despite the massive market fall, around 75% of all Bitcoin addresses are still profitable. After a severe pandemic-induced collapse in March 2020, barely half of the companies were profitable. As a result, it appears that the current bear market cycle is not as severe as prior ones.
Following failed attempts to end the gloomy run, the value of Bitcoin has dropped 13% since the beginning of the year. Bitcoin, the flagship cryptocurrency, has already spent the most number of days below the annual open since the 2018 bear market, as noted by trader Luke Martin, with bulls unable to restore momentum.
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