Bitcoin Current Gives Hope to Bitcoin Bulls – Blockchain News, Opinion, TV and Jobs

By Marcus Sotirio, analyst at publicly listed digital asset broker GlobalBlock (TSXV:BLOK).

The crypto market fell below $1 trillion this week, with bitcoin nearing a low of $17,600. Analysis of the chain also showed a sense of depression among market participants.

An example of this is the Bitcoin-adjusted SOPR chart provided by Glassnode, which shows that investors are cashing in on bear market rallies. This indicator shows that investors are selling to “get their money back” on the price, because there is a strong resistance at 1, which is the level of breakdown. I think the dominant narrative of recession and high inflation has created fear among market participants.

The seasonality of Bitcoin’s monthly price changes corresponds to the negative month of September, shown in the chart above, with 7 of the last 9 Septembers being red.

However, Bitcoin is down more than 5% this month and has been in the green since last October 7. So, if Bitcoin’s trend over the past 9 years is anything to go by, this fear could lead to a huge buying opportunity.

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