{"id":9599,"date":"2022-10-12T09:54:32","date_gmt":"2022-10-12T13:54:32","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=9599"},"modified":"2022-10-12T09:54:32","modified_gmt":"2022-10-12T13:54:32","slug":"bitcoin-holders-bracing-for-a-crypto-winter-bottom-should-check-these-data","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/10\/12\/bitcoin-holders-bracing-for-a-crypto-winter-bottom-should-check-these-data\/","title":{"rendered":"Bitcoin Holders Bracing For A Crypto Winter Bottom Should Check These Data"},"content":{"rendered":"

Bitcoin bulls continue to feel the pinch as the currency has dropped 8.17 percent in value over the past seven days. BTC investors are looking forward to a market bottom, and Glassnode<\/a> claims that the market has bottomed out.<\/p>\n

Nonetheless, whales and major institutions are currently in the accumulation phase, so it doesn\u2019t matter if the market has bottomed out or is bottoming out right now.<\/p>\n

A research states that this accumulation indicates whales are increasing their purchases rather than preparing their portfolios for a sale. The indication for whales to buy more is a bull green light from retail investors.<\/p>\n

But what does this signify for Bitcoin if this is the case?<\/p>\n

Bitcoin Price Drops Below $20k Level<\/p>\n

The Bitcoin market stabilized between early June and early August, after a near-catastrophic collapse of the whole crypto sector. Bitcoin fell by a staggering 58% in the crypto market meltdown of May and June.<\/p>\n\n

Chart: TradingView<\/a><\/p>\n

The $18,500 support level held steady during the mild downtrend. BTC bulls are currently positioning themselves for a rally at the same level. While Glassnode data suggests Bitcoin may have bottomed out, the timing of a further upswing is uncertain.<\/p>\n

The future of Bitcoin, however, is uncertain at the time of writing. Price for one BTC has fluctuated recently, staying between $18,850 and $20,461. BTC last broke through the $20,000 psychological barrier during a brief rise on October 3 and 4.<\/p>\n

Macroeconomic Issues Hound Top Crypto<\/p>\n

As the number of institutional investors interested in Bitcoin rises, the crypto market is impacted by macroeconomic issues.<\/p>\n

In 2021, JP Morgan market analysts observed that institutional investors preferred Bitcoin to gold as a hedge against inflation.<\/p>\n

The NYDIG BTC fund has already gathered $720 million from 59 backers. Considering the growing interest from major financial organizations, Bitcoin is now in the same boat as the financial system as a whole.<\/p>\n

Since Bitcoin\u2019s value is highly correlated with that of the S&P 500 and the NASDAQ, broader financial action is likely to amplify the current distress among Bitcoin investors.<\/p>\n

We may see Bitcoin\u2019s price increase in the next months if the bears lose some of their aggressive posture.<\/p>\n\n

BTC total market cap at $367 billion on the daily chart | \u00a0Featured image from Freepik, Source: TradingView.com<\/a><\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin bulls continue to feel the pinch as the currency has dropped 8.17 percent in value over the past seven days. BTC investors are looking forward to a market bottom, and Glassnode<\/a> claims that the market has bottomed out.<\/p>\n

Nonetheless, whales and major institutions are currently in the accumulation phase, so it doesn\u2019t matter if the market has bottomed out or is bottoming out right now.<\/p>\n

A research states that this accumulation indicates whales are increasing their purchases rather than preparing their portfolios for a sale. The indication for whales to buy more is a bull green light from retail investors.<\/p>\n

But what does this signify for Bitcoin if this is the case?<\/p>\n

Bitcoin Price Drops Below $20k Level<\/p>\n

The Bitcoin market stabilized between early June and early August, after a near-catastrophic collapse of the whole crypto sector. Bitcoin fell by a staggering 58% in the crypto market meltdown of May and June.<\/p>\n

Chart: TradingView<\/a><\/p>\n

The $18,500 support level held steady during the mild downtrend. BTC bulls are currently positioning themselves for a rally at the same level. While Glassnode data suggests Bitcoin may have bottomed out, the timing of a further upswing is uncertain.<\/p>\n

The future of Bitcoin, however, is uncertain at the time of writing. Price for one BTC has fluctuated recently, staying between $18,850 and $20,461. BTC last broke through the $20,000 psychological barrier during a brief rise on October 3 and 4.<\/p>\n

Macroeconomic Issues Hound Top Crypto<\/p>\n

As the number of institutional investors interested in Bitcoin rises, the crypto market is impacted by macroeconomic issues.<\/p>\n

In 2021, JP Morgan market analysts observed that institutional investors preferred Bitcoin to gold as a hedge against inflation.<\/p>\n

The NYDIG BTC fund has already gathered $720 million from 59 backers. Considering the growing interest from major financial organizations, Bitcoin is now in the same boat as the financial system as a whole.<\/p>\n

Since Bitcoin\u2019s value is highly correlated with that of the S&P 500 and the NASDAQ, broader financial action is likely to amplify the current distress among Bitcoin investors.<\/p>\n

We may see Bitcoin\u2019s price increase in the next months if the bears lose some of their aggressive posture.<\/p>\n

BTC total market cap at $367 billion on the daily chart | \u00a0Featured image from Freepik, Source: TradingView.com<\/a><\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-9599","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/9599","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=9599"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/9599\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=9599"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=9599"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=9599"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}