The leading crypto Bitcoin (BTC) price has experienced a serious decline in recent weeks and pulled below new support levels. Analysts expect the asset to end the week around $29,000 as Bitcoin splits from stocks.
Will Bitcoin price drop below support levels?
In the recent crypto market crash, leading crypto Bitcoin has seen losses for nearly eight weeks. Analysts fear that the BTC price will drop below the support levels. Volume is a major factor in the Bitcoin price trend and trading volume has dropped significantly.
Bitcoin price is consolidating in the region between $29,000 and $30,000, while measurements suggest a bearish phase is coming. Crypto data intelligence platform Glassnode reveals that it uses the 90-day moving average of daily trading volume in the denominator of the NVT signal, which is a variation on the NVT Ratio.
The signal is used to predict BTC price peaks. The signal recorded a four-year low of 233.9. According to analysts, this is a sign of a bearish phase in BTC price.
BTC NVT Signal 55% of BTC supply still profitable
Although BTC price has dropped below $30,000, 55% of its supply is still profitable. Glassnode’s leading crypto analyst Crypto Season compares BTC price cycles from 2017 to 2018.
It took an average of 151 to 184 days for 55% of the supply to be profitable. There is a massive drop and capitulation in Bitcoin. In the 2021-22 cycle, profits were down about 58% in 213 days, and analysts expect boring price action and capitulation to follow.
BTC previous cycles Analysts, evaluating the Bitcoin price trend, identified a falling wedge pattern. CryptoVizArt, a prominent analyst, has identified a clear Wyckoff accumulation phase, according to which the BTC price is consolidating in a demand zone.
As you can follow from Kriptokoin.com news, BTC continued its downtrend in the last few months after falling below its all-time high of $ 69,000. The recent drop below the key psychological barrier of $30,000 has created an extreme bearish sentiment among investors. Despite the Bitcoin price leaving the exchanges, analysts fear further declines in BTC.
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