Cryptocurrency

2024

Bitcoin

Partial

Change

Bitcoin has begun to recover after experiencing its biggest correction in its current cycle, according to a recent report from Bitfinex. Over the past week, BTC has rebounded sharply, rising nearly 28% from its recent lows of around $49,000.
This rally marks Bitcoin’s lowest price since February and has pushed its value above the critical $60,000 level. The sharp sell-off in August caused prices to fall 33.32% from the all-time high of $73,666.
According to the report, fundamental indicators provided insight into the severity of the recent pullback. The Mayer Multiple, which compares Bitcoin’s current price to its 200-day moving average (200DMA), fell to 0.88 during the decline, a level not seen since November 2022. This figure suggests that Bitcoin is trading significantly below its historical average trend and points to a strong bear phase.
On-chain data further highlights the intensity of the sell-off. The short-term conservative realized price (STH cost floor), which is the average purchase price by recent buyers, is at $64,860. According to analysts, the Bitcoin spot price recently approached the -1 standard deviation (SD) range of this STH cost floor, a scenario historically seen on only 7.1% of trading days.
The report shows that the short-term owner MVRV ratio, which compares current market prices to the purchase price of new investors, shows that this group has suffered the largest unrealized losses since the bear market lows of 2022. Overall, these indicators point to increasing bearish sentiment and pressure among short-term investors, typically occurring at local lows.
Related News: <a href="https://en.bitcoinsistemi.com/one-of-the-most-prominent-traders-made-a-significant-strategic-change-after-a-partial-recovery-in-the-market-heres-what-he-did/" target="_blank" rel="noopener noreferrer nofollow">One of the Most Prominent Traders Made a Significant Strategic Change After a Partial Recovery in the Market: Here's What He Did</a>
Despite the turmoil in the cryptocurrency market, the U.S. economy continues to show resilience. Recent data supports a more optimistic outlook, with significant declines in jobless claims and solid growth in wholesale inventories providing a strong foundation for growth. This economic strength, especially in the second quarter, plays a key role in the overall market landscape.
According to the report, Harris has emerged as a leading candidate in the 2024 US presidential race, narrowly ahead of Trump in forecast odds and recent polls. As her campaign gains momentum, speculation about her stance on cryptocurrencies has increased, especially as her team begins reaching out to industry executives.
*This is not investment advice.
 Continue Reading: <a href="https://en.bitcoinsistemi.com/cryptocurrency-exchange-assesses-the-state-of-bitcoin-after-recent-developments/" rel="noopener noreferrer nofollow">Cryptocurrency Exchange Assesses the State of Bitcoin After Recent Developments</a>

Cryptocurrency Exchange Assesses the State of Bitcoin After Recent Developments

Bitcoin Sistemi EN

Other articles published on Aug 12, 2024

Top Crypto Presales of 2024: Explore Avalanche, the Hidden Gems You Can’t Afford to Miss

Crypto user fat fingers $90K fee for a $2K ETH transfer

PlayFi to Launch Genesis Node Sale Early After 70K Transactions in One Week

Solana and Dogwifhat Experience Significant Price Increases

Michael Saylor Issues Bitcoin Statement as Price Eyes $60,000

BlockDAG’s $1 Potential Captures Crypto Investors’ Focus Away From ICP’s Surge & Litecoin’s Dip

Join our free newsletter for daily crypto updates!