Onchain data shows Bitcoin price at an inflection point as the bear market beckons.
) is at a “pivotal point'' as several onchain metrics signal further downside while whales experience the fastest BTC accumulation rate in more than a year, according to a new CryptoQuant report.. Over the last month, Bitcoin’s price action has been characterized by a series of lower highs and lower lows, reaching a
The CryptoQuant report reveals that the profit and loss index is hovering around its 365-day moving average . The onchain data provider explains that if this index drops below its 365-day,“A crossover to the downside has been associated with major corrections or the start of a bear market . See red circles.”CryptoQuant’s Bitcoin bull-bear market cycle indicator is also approaching a critical level and could “switch to bear market if prices decline further.
The chart below shows that the indicator is currently playing out in a similar way it did in March 2020, May 2021 and November 2021. A drop below the neutral line will mean that the market has switched to a bear phase, pointing to further declines.According to CryptoQuant, these two metrics show that Bitcoin is at “a level where a local bottom can form or a major “summer-of-2021” style correction can occur.
“USDT market capitalization is still slowing down. Bitcoin price typically rallies as more liquidity enters the crypto market via USDT minting, a condition that has still not been met.”Total Bitcoin holdings and monthly change. Source: CryptoquantData from SoSo Value shows that despite BTC's price drop to four-month lows on July 5, institutional investors poured $143.1 million into spot Bitcoin ETFs that day. This was followed by $294.9 million and $216.
“This is the 200D SMA and would also correspond to a backtest of the trend line that BTC broke down from.”This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.3 reasons why Ethereum price continues to underperform against BTC in 2024
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