Bitcoin Enters Correction Phase, Analysts Look to Historical Trends

Bitcoin’s recent pullback is its most significant dip in the 2023-2024 bull cycle, with the flagship cryptocurrency falling more than 26% from its all-time high of $73,794. The drop pushed Bitcoin’s price below the 200-day moving average (MA), putting significant pressure on the bulls and leading to unrealized losses for many short-term holders. Glassnode analysts […]

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Bitcoin Enters Correction Phase, Analysts Look to Historical Trends

  • Bitcoin’s pullback marks its most significant dip in the 2023-2024 bull cycle.
  • BTC drop pushed 2.8 million BTC into losing positions.
  • The pullback opened opportunities for more buyers to accumulate BTC.

Bitcoin’s recent pullback is its most significant dip in the 2023-2024 bull cycle, with the flagship cryptocurrency falling more than 26% from its all-time high of $73,794. The drop pushed Bitcoin’s price below the 200-day moving average (MA), putting significant pressure on the bulls and leading to unrealized losses for many short-term holders.

Glassnode analysts observed that the recent BTC drop pushed 2.8 million BTC into losing positions based on their on-chain acquisition price. However, the platform’s data indicates it is mainly short-term holders currently feeling the pain, as most long-term Bitcoin holders who purchased the crypto several months ago are still in profit.

Meanwhile, the analysts compared Bitcoin’s 2023-2024 price action with previous bull cycles, identifying similarities and differences. The current trend comprises an 18-month steady price appreciation following the infamous FTX collapse, a 3-month sideways trend after reaching an A…

The post Bitcoin Pullback Deepens: Is the 2023-2024 Bull Cycle Losing Steam? appeared first on Coin Edition.