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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Does The Bitcoin Price Dump Signal The Start Of Another Bear Market?

Best Owie
Best Owie
1 year ago
3 mins read
Bitcoin bear

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The last two days have been especially rocky for the Bitcoin price as it has fluctuated heavily between trying for a recovery and then crashing even further. As a result of this, the price of the digital asset has revisited the $26,000 level once more and the new bearish trend may point to more decline for the cryptocurrency.

Bitcoin Loses $27,000 Support

After a rollercoaster response to the CPI data release, the price of Bitcoin had reclaimed $27,000 and the bulls quickly tried to establish support above $27,000. This level would hold for about a day, but by Thursday, bears made easy pickings of it, dragging the price of BTC down to as low as $26,200.

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This decline in price has dragged the cryptocurrency to dangerously bearish levels. One of these is the fact that it is now trading below its 50-day moving average. For a digital asset like BTC, maintaining its 50-day SMA is important, especially if the asset is going to see an upside in the coming days.

Bitcoin price chart from TradingView.com

BTC returns to $26,000 level | Source: BTCUSD on TradingView.com

However, as this trend continues, it will not be surprising to see BTC lose footing above its 100-day MA. If this happens, then the digital asset could be in free fall for a while which could see it return to the $20,000 level. Unless there is a sudden turn in investor sentiment, the bear market may have returned in full bloom.

Crypto Investors Becoming Wary

As the price of Bitcoin has suffered, so has the sentiment of investors moved into the more negative territory. BTC’s rise above $31,000 brought the Fear & Greed Index to a high of 69 in April. However, there has since been a shift in how investors have been looking at the market.

Over the last three weeks, the Fear & Greed Index has shown a 20-point decline which puts the market back into neutral territory. While this level is not necessarily bad when taken at face value, the fact that the index has declined from greed back to neutral is concerning.

Bitcoin Fear & Greed Index

Fear & Greed Index turns neutral | Source: alternative.me

If anything, this decline indicates that investors are becoming more wary of the market. When things like these occur, it means that investors are not willing to put money into the market. Volumes decline as a result of this and price fall in response to the lack of momentum.

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Currently, support for BTC lies at $26,000 which is shaky at best. Unless there is a significant accumulation of the digital asset over the coming days, then the weekend which is characterized by low volumes and volatility could prove detrimental for the cryptocurrency

At the time of writing, BTC is changing hands at a price of $26,291, down 4.22% in the last 24 hours.

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from iStock, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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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.

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