Bitcoin’s price has been able to gain some ground in the past week after a market crash at the beginning of July, which saw it lose 10% on the 5th of July. The analysts are continuing to issue observations and forecasts that indicate that Bitcoin will soon be able to pull off a recovery and may even embark on the highly anticipated bull run.
Bitcoin’s ‘Rare’ Underperformance Hints At Possible Bullish Rebound
You can also find out more about the following: an X post on FridaySantiment, a prominent blockchain analytics firm, provided some interesting insights on Bitcoin’s price behaviour. Santiment stated Bitcoin is largely behind the S&P 500 and other equities in relation to price performance, a development which they described as a “rare sight” The last three years
Despite a mild recovery to end the week, Bitcoin's recent dip came as the S&P 500 and equities continued to flourish. This has been a rare sight for the past 3 years, with most of crypto's runs coming in tandem. BTC’s lag behind indicates an eventual bullish catching up phase. pic.twitter.com/q4FnwmZMpK
— Santiment (@santimentfeed) July 12, 2024
As earlier stated, Bitcoin’s current massive price dip can be attributed to a large-scale market sell-off mainly by the German Government Who have completely sold off their BTC holdings, valued at $2.9 Billion.
Moreover, the now-defunct Mt. Gox that collapsed in 2014. Finally began repayment to creditors of $9 billion of debt in BTC, and BCH. prompting massive selling pressure. Bitcoin has shown some resistance this week, gaining 2.88%. But the leading cryptocurrency is still lagging behind on the longer-term price trend of the equity market.
For context, Santiment explains that Bitcoin has declined by 19.4% in the last five weeks while the S&P 500 has recorded a 5.4% gain within that same period. Santiment says that since this has only happened a few times in the last 3 years and both assets typically move in lock-step, Bitcoin could experience an increase. “bullish catch-up period.”
Bitcoin To Challenge 1.5-Month Downtrend
Rekt Captial, a crypto analyst has also released some news. noted Bitcoin’s current battle is to reverse a downward trend which has lasted for the past one and a quarter months. In this time period, Bitcoin’s price has fallen by 18%.
Rekt Capital claims that Bitcoin attempted to reverse this downward trend at least three times over the last three weeks. Bitcoin could see a full recovery of its price, reaching $71,000.
Bitcoin was the subject of a recent article. trades The price is $58,170 and has gained 1.69% over the last 24 hours. This mild price is nothing compared to the price that has risen by 30.81% in just 24 hours to $5,615!
Featured Image from The Economic Times. Chart by Tradingview.com
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Source: www.newsbtc.com
