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Abstract:Bitcoin’s dip below the 200-day moving average makes this the worst bear market in history
The first sign of a bear market is the decline in Bitcoin price below its 200-day moving average.
Bitcoin is trading at less than half of the 200-day moving average level.
Only 13.9% of all Bitcoin trading days have seen spot prices below unrealized prices.
In case youve been living under a rock, the crypto market collapsed in May, erasing more than $2 trillion in value. In a week, Terra went from being valued at more than $50 billion to collapsing into a state of disrepair.
As Terra collapsed, wiping out nearly $40 billion in investors capital, so too did other cryptocurrencies. When the algorithmic stablecoin UST lost its peg to the U.S. dollar and the price of LUNA dropped 98%, it fuelled a slump across cryptocurrencies. The result was a market capitalization that fell below $1 trillion for the first time since January 2021.
While cryptocurrencies have a track record of boom and bust cycles, owing to their volatility, a new report by blockchain analysis firm Glassnode shows that the current crypto bear market is the worst ever recorded.
More specifically, on-chain analysis highlights how Bitcoin‘s (BTC) combined current dip below the 200-day moving average (MA), negative deviation from realized price and net realized losses makes 2022, unequivocally, the worst in BTC’s history.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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