• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Bitcoin Outperforming 2016’s Recovery, Price Crash to $7,700 Not Bearish

Nick Chong by Nick Chong
2 years ago
in Bitcoin
Reading Time: 2min read
Bakkt Not Tipping Point for “Bitcoin Adoption”, CNBC Analysts Argue
Advertisement

If you haven’t checked *insert your favorite Bitcoin (BTC) price tracker here* over the past few hours, you’re in for a fresh surprise.

The cryptocurrency market has incurred its second large trading session of losses this week, with the aggregate market capitalization of all digital assets tumbling to $209 billion.

Related Reading: Fractal: Bitcoin Price Likely to Hit $7,500 Before Rally to New Highs

Bitcoin, in particular, is trading at $7,850, posting a 4.5% loss in the past 24 hours. Altcoins have fared worse, with most registering daily performances of under -6%.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Bitcoin Price Recovery Still on Track

This dramatic move to the downside, for some reason, sparked fears that Bitcoin is entering another “bear market”.

However, historical data shows that the cryptocurrency is still on track to recover as it did in previous cycles, making the 25% drop over the past week not long-term bearish per se.

ARK Invest’s in-house crypto analyst, Yassine Elmandjra, noted that Bitcoin is currently at “similar levels of recovery as both 2011-2013 and 2015-2017 recovery periods”.

UPDATE: Day 284

Currently at similar levels of recovery as both 2011-2013 and 2015-2017 recovery periods. pic.twitter.com/ntedTt6vEl

— Yassine Elmandjra (@yassineARK) September 26, 2019

Indeed, as Elmandjra’s chart shows, Bitcoin has recovered to around 40% of its all-time high in 284 days, which is marginally better than what BTC accomplished during two previous cycles.

This implies that the cryptocurrency market isn’t in another bear market, despite what emotional traders and analysts may be spouting on Twitter.

Related Reading: Bears in Charge as Bitcoin Price at Risk of November 2018 Style Dump

It is important to note, however, that there are still some signs that may signal Bitcoin is in at least a medium-term bear trend.

These signs include a loss of the 200-day moving average, a technical level many see as a sign of macro trends; a Relative Strength Index and Moving Average Convergence Divergence reading that is still far from reaching the historical bottom region; and the clear lack of buying interest from accumulators.

Featured Image from Shutterstock
Tags: ark investbitcoincryptocurrencyYassine Elmandjra
TweetShare23
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

bloody bitcoin

Coinbase COIN Debuts To A Bloody Bitcoin, But Bullish Structure Remains

3 hours ago
Brandt: You’re Doing it Wrong if You Accumulate Dollars Over Bitcoin

Brandt: You’re Doing it Wrong if You Accumulate Dollars Over Bitcoin

16 hours ago
Bitcoin BTC BTCUSD

How An Ex-CIA Director Proved Bitcoin Use in Crime is Declining

1 day ago
Bitcoin BTC BTCUSD

Bitcoin Funding Flips Bullish, But Are Liquidations Imminent?

1 day ago
Fed Chair Says Still “Working on” Digital Dollar as China Pulls Ahead

Fed Chair Says Still “Working on” Digital Dollar as China Pulls Ahead

2 days ago
Bitcoin Price To Hit $70,000 by April-End? This Analyst Thinks So

Bitcoin Price To Hit $70,000 by April-End? This Analyst Thinks So

2 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
Bybit

Bybit

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Top ICOs

Student Coin

Student Coin

Review · Visit

Token sale

Holdefi

Holdefi

Review · Visit

Press Releases

Crypto Exchange Platform AAX Reveals HKD, SDG, and GBP as the Top Three Fiat Currencies Deposited In April

April 14, 2021

Polkadex IDO Launches On Polkastarter on the 16th of April

April 13, 2021

Fast-Growing Exchange Bityard to Launch Its First Contest for Global Traders

April 13, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Invest BTC
  • Join STC ICO

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.