Bitcoin has been trading below the $20,000 range for a while now, as it clings to the $19,000 threshold. The past couple of months have been a difficult ride for the crypto market as Bitcoin (BTC) lost nearly 60% of its value while ETH lost around 50%.
Though long-term investors are well-versed with the intense market volatility, the macroeconomic measures have pulled down major cryptocurrencies drastically, causing significant financial loss. At the time of reporting, Bitcoin is selling at $19,106 with a fall of 1.16% over the last 24hrs and nearly 4% in the last seven days.
The currency has an immediate support level at $19,000 and resistance at $19,200.
Bitcoin Bottom Soon?
Bringing in some positivity to an otherwise gloomy atmosphere, few analysts believe the present condition to be a positive indicator. One of the analysts at CryptoQuant, with the username eth_whalehunter, claims that around 50% of Bitcoin holders are in loss and this indicates that the crypto market might be nearing the bottom.
As the expert talks about the Bitcoin crash in March 2020, he asserts that if the Bitcoin holder’s loss percentage falls between 40% and 50%, it’s positive for the accumulation phase. However, he even says that the range between 50% and 60% is even better when looking to the future.
Furthermore, the analyst believes that though a few altcoins are all set to outperform Bitcoin, the chances for this to happen is rare.
Meanwhile, as the market awaits the release of Consumer Price Index (CPI) on Oct 13th and Producer Price Index (PPI) for this month, it is important to note that these two indicators will play a major role.
Coinpedia suggests that traders buy assets after conducting adequate research and keeping in mind the above-mentioned factors.