The Bitcoin trend in recent times is not very impressive. In fact, the ongoing bear market is severely affecting the Bitcoin price. However, in the recent past, the price of BTC briefly crossed the $25,000 mark. But the investors held themselves back, fearing a random trend reversal. As a result of this bearish rejection, the price of Bitcoin started to trend downwards and has now entered the $21,000 mark. In fact, recent data state that the Bitcoin trend will continue to be bearish for at least some time.
The experts hold the August 19 sell sell-off at $25,200 as responsible for this pathetic run of BTC. In fact, according to the analysts of Glassnode, the brief rise of BTC above $25,000 was followed by rapid sellouts. This sell-out by both the short-term and long-term investors was triggered by a trendline resistance to the BTC price.
In fact, this resistance came just after the 23-consecutive-day uptrend. If you wish to learn more about the report of Glassnode and about the recent Bitcoin trend, then this article is the perfect stop for you. Keep reading the article to know more about the latest issues related to BTC.
The Bitcoin Market Trend
The report by Glassnode states that the metric of “total inflows and outflows to all exchanges” suggests that the exchange flows are heading back to the level that we witnessed in late 2020. The report concluded that this very fact shows a general decline in “speculative interest”. It is true that currently, the Bitcoin price is moving within the range between $18,500 and $22,000.
In fact, the Bitcoin trend has been within this range for almost three months. However, the most worrying factors are the non-crypto-related concerns in the United States and the global economy. One of these concerns is Jackson Hole. This event will inform the public about the perspective of the Federal Reserve on the U.S. economy.
In addition, the public will also come to know about future interest rate hikes. The investors are, therefore, highly apprehensive about Jackson Hole. In fact, the recent trends of crypto markets clearly show the impact of this. Therefore, it sees wise when Serhii Zhdanov, CEO of EXMO stated that we cannot blame one particular factor for the declining Bitcoin trend.
Bitcoin Undervalued?
An analyst named @big_smokey1 stated rightly that the descending Bitcoin trend will continue till a proper catalyst provokes a trend change. In fact, the recent trend hints at the fact that there is nothing optimistic about the short-term perspective of Bitcoin.
However, “JJ” a resident analyst at Jarvis Labs states that a certain on-chain metric shows that BTC is trading in a generational buy zone. “JJ” further remarked that the Market Capitalization versus Realized Capitalization indicator of Bitcoin is displaying an “extremely low” reading.
Concluding Lines
This is all about the recent Bitcoin trend. However, ether on the other hand seems to show signs of an upward trend. In fact, the dream of the Ether supporters might come true, as the present trend might see Ether’s price rise into the $2,500 to $2,900 range.
Also read: Edward Lu Speaks About The Bitcoin Miners And The Crypto Industry
