Bitcoin

Crypto Winter May Be Extended Indefinately as Stock Market Closer to a Bearish Fallout

Author: Sahana Vibhute

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A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Highlights
  • Bitcoin price flashes fresh bearish signals and is assumed to drop heavily to mark new bottoms, lower than the current one at $15,500

  • Besides, the investors are accumulating BTC at a greater pace as they expect a major rebound incoming in the coming days

Bitcoin price is still struggling to hold $16,000 levels as the markets appear to have ignited a fresh fallout. The bears are attempting to regain dominance as the market cap drops below $820 billion. The BTC price dropped by nearly 3% while the ETH price crashed by more than 4% in the past week. 

In general, the entire crypto space has been concentrated under bearish pressure, as the altcoins are also dived towards the lows. Meanwhile, the share markets or the Nasdaq, on which the crypto markets are co-related highly, are expected to undergo a bearish divergence that may raise the possibility of a crypto market crash very soon.

Besides, a new Bitcoin upgrade called, BitcoinCore 24 went live which comes with a memory pool, serving as a waiting area for unconfirmed transactions. However, the community has raised serious concerns over the upgrade as it does not leave any scope for zero-confirmation transactions and encourages double-spend attacks. 

The coiling bearish market sentiments with the controversial Bitcoin upgrade may pave way for a steep BTC price decline very soon, 

Massive Bitcoin(BTC) Dump Incoming!

As mentioned BTC price is hovering around $16,000 for quite a long time as the volatility is diminished massively. The compressed price action may pave way for yet another massive price action, regardless of the direction in the coming days. Alongside, the S&P 500 is closer to pulling a huge leg down as it is closer to facing another massive rejection soon.

Analyst Kevin Svenson, referring to the S&P 500 warned his 117.9K followers about the upcoming BTC price dump. As per him, if the S&P 500 faces rejection from the supply line as it did multiple times before, Bitcoin may certainly not handle it and may drop at double the pace of the traditional stock market. 

Meanwhile, Bitcoin shrimps are constantly accumulating. As per the on-chain data provider Glassnode, the number of addresses holding more than 1 BTC but less than 10 BTC has reached its peak. 

Collectively Bitcoin’s (BTC) price may witness fresh rejection as a rise above $16,500 appears to be not feasible in recent times. Moreover, the token is testing the crucial support levels around $16,100, below which the price may drop towards the yearly lows close to $15,500. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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