The opening dates for ARK’s The Bitcoin Monthly report contain some gems. It also includes a simple compilation of facts that paint a clear picture of the current bitcoin market.
A record on the Bitcoin chart: nine red candles in a row!
cryptocoin.com Looking at the data beyond the Fear and Greed Index, analysts from ARK, whose predictions we included in the news, analyze the situation of the Bitcoin market as follows:
Bitcoin fell 17.2% in May from $38,480 to $31,835. Let’s face it, this looks like the start of a bear market. And the Terra/Luna crash seems to be the trigger. However, later dates will show that we may not be together after all.
No matter how you dress, it’s a terrible truth. Bitcoin is down 57% since hitting an all-time high in November 2021. For perspective, the average top-to-bottom decline in previous bear markets is 76%.
Does that mean it could get worse? Or does that mean we are nowhere near bear market levels? It definitely feels like a bear market, but stats are stats.
“Bitcoin network stands strong”
According to analysts, Bitcoin has not fallen below any major trend lines despite the ongoing selling. It is trading above the on-chain cost basis of ~$24,000 and its 200-week moving average of ~$22,000.
Analysts say the Bitcoin network soaked up the Terra/Luna big sale and aftermarket sell-off like a champ. According to analysts, the worst appears to be over and Bitcoin “has not broken below any major trend lines.” Analysts share the following assessment:
About 66% of the bitcoin supply hasn’t moved in over a year. Despite the massive market movement, Bitcoiners continue to HODL like this is the only chance at economic freedom they will ever see in their lives. Because it’s likely. Short term holder positions fell -35% below breakeven prices on average.
If bitcoiners are HODLing, then who is selling all this cheap BTC? The answer, according to analysts, is short-term holders, and they’re not even close to breaking.
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