After a major bloodbath on Satoshi Street earlier on Monday, Bitcoin bears seem to be taking some rest for now. The world’s largest cryptocurrency continues to trade at under $22,000 levels as of now.
One thing positive about the Bitcoin market is that retailers haven’t given up any hope despite the aggressive correction. On-chain data provider IntoTheBlock explains:
Regardless of the rampant downtrend, retail buyers have been constantly accumulating $BTC since the ATH of November 2021. The group of addresses holding <1 BTC increased their balance by 100,395 BTC since November. This is a 10.11% increase vs the 68% drawdown in price.
Analysts have been trying to predict the Bitcoin bottom, however, everyone has been clueless for now! Another crypto trader IncomeCharts notes that this could be a good time for spot buying of BTC. The crypto trader writes:
Who cares or knows what the exact bottom will be. Now is the time to be buying like crazy. These are key levels I like for support. I think $20k holds but if I’m wrong I’ll buy lower. Not selling any of this until $34,000 or $40,000 targets.
