Bitcoin (BTC) is now further listed below a crucial moving typical than it was at the pit of the March 2020 COVID-19 crash.In a tweet on
bearish market which has yet to see BTC rate retracements from all-time highs competing
previous bottoms in percentage terms.In March 2020, Bitcoin abruptly lost 60% in a matter of days as markets reacted to the very first wave of mass Coronavirus lockdowns.At the time, however, the largest cryptocurrency invested less than 2 weeks below the 200 WMA– a clear contrast with 2022. BTC/USD lost the trendline, which likewise figured in the 2018 bear market, in August last year, and has actually considering that failed to recover it. BTC/USD annotated chart. Source: Rekt Capital/ Twitter S&P 500 deals with”March cycle low”The situation may become worse still. Related: Bitcoin analyst determines brand-new essential levels as Ethereum rate nears 3-week high Experts are currently banking on Q1 providing a further test of bulls’resolve, even if it eventually closes with BTC rate action higher than at present. For trader, investor and entrepreneur Bob Loukas, meanwhile, correlated markets might themselves see their macro bottom in the coming quarter.Analyzing the S&P 500 on weekly timeframes, Loukas explained the past year’s comedown as unequaled in its textbook nature. “This has been the cleanest Stock
bearish market decline i’ve ever seen,”
he informed Twitter fans.
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