Cryptos' Current Bear Cycle Is The Worst Ever: Blockchain Analytics Firm Glassnode
— Cascading effect, Investors, 9 pic, Multiple factors, Made — 1 min read
The ongoing bear sentiment in the cryptocurrency market is the worst ever, said a new report. Bitcoin's price is down by 55 percent year-to-date, said Glassnode in its latest report. The firm's report, titled “A Bear of Historic Proportions”, highlights how key indicators like the 200-day moving average (MA), negative deviation from realized price and net realized losses are all showing a historically bearish month for Bitcoin. The report also noted that with the spot price of Bitcoin falling below its realized prices, most traders are having to close their positions at a loss, which then creates further downward movement pressure on the token. “This cascading effect is often “typical of bear markets and market capitulations” Source