Bitcoin Holders Bracing For A Crypto Winter Bottom Should Check These Data

Christian Encila

2 years ago

2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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 claims that the market has bottomed out.

Nonetheless, whales and major institutions are currently in the accumulation phase, so it doesn’t matter if the market has bottomed out or is bottoming out right now.

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.

But what does this signify for Bitcoin if this is the case?

Bitcoin Price Drops Below $20k Level

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.

Chart: TradingView

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.

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.

Macroeconomic Issues Hound Top Crypto

As the number of institutional investors interested in Bitcoin rises, the crypto market is impacted by macroeconomic issues.

In 2021, JP Morgan market analysts observed that institutional investors preferred Bitcoin to gold as a hedge against inflation.

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.

Since Bitcoin’s 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.

We may see Bitcoin’s price increase in the next months if the bears lose some of their aggressive posture.

BTC total market cap at $367 billion on the daily chart |  Featured image from Freepik, Source: TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.