Bitcoin

Coin

<ul class="news-points"> 
 <li>Bitcoin’s pullback marks its most significant dip in the 2023-2024 bull cycle.</li> 
 <li>BTC drop pushed 2.8 million BTC into losing positions.</li> 
 <li>The pullback opened opportunities for more buyers to accumulate BTC.</li> 
</ul> 
Bitcoin’s recent pullback is its most significant dip in the 2023-2024 bull cycle, with the flagship cryptocurrency falling more than 26% from its all-time high of $73,794. The drop pushed Bitcoin’s price below the 200-day moving average (MA), putting significant pressure on the bulls and leading to unrealized losses for many short-term holders. 
Glassnode analysts <a href="https://insights.glassnode.com/the-week-onchain-week-28-2024/" target="_blank" rel="nofollow">observed</a> that the recent BTC drop pushed 2.8 million BTC into losing positions based on their on-chain acquisition price. However, the platform’s data indicates it is mainly short-term holders currently feeling the pain, as most long-term Bitcoin holders who purchased the crypto several months ago are still in profit. 
Meanwhile, the analysts compared Bitcoin’s 2023-2024 price action with previous bull cycles, identifying similarities and differences. The current trend comprises an 18-month steady price appreciation following the infamous FTX collapse, a 3-month sideways trend after reaching an A…
The post <a href="https://coinedition.com/bitcoin-pullback-deepens-is-the-2023-2024-bull-cycle-losing-steam/">Bitcoin Pullback Deepens: Is the 2023-2024 Bull Cycle Losing Steam?</a> appeared first on <a href="https://coinedition.com">Coin Edition</a>.

Bitcoin Pullback Deepens: Is the 2023-2024 Bull Cycle Losing Steam?

Coin Edition

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