After reaching a bottom of $17,774 recently, Bitcoin retraced to above $21,000 but only for a short while. In the last few days, BTC struggled to hold above the $20,000 level.
As of writing, Bitcoin is trading at $19,635, down by 1.66% in the last 24 hours, according to price tracking website CoinMarketCap. Compared to last week’s price, BTC price is currently down around 6.19%.
Bitcoin Bottom Approaching?
Meanwhile, certain technical indicators are signaling a price movement approaching the bottom of the cycle. Taking into account previous instances of market bottom, Bitcoin reached the current levels during peak bear markets.
According to Chartoday on CryptoQuant, the current levels of realized cap and delta cap were touched in previous bear markets. In 2018, Bitcoin entered the current zone after a capitulation crash was realized. In 2014, it was the same, except that the bottom was more extended in time.
Adding to these are the threat of an upcoming recession and macroeconomic situation. These factors could further destabilize the market and Bitcoin bottom could be around $15,000, the analysts predict.
