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Analysts say BTC’s weakness is exacerbated by institutional investors exiting futures markets, but on-chain data hints that Bitcoin is in an early bottoming process.
The cryptocurrency market has experienced another rollercoaster week that saw Ether (ETH) price drop below $3,000 and Bitcoin (BTC) price hit a new multi-month low at $37,700. Equities markets also endured a sharp sell-off primarily due to investor fear over potential changes to the size of the Federal Reserve's next rate hike.
To date, Bitcoin price fell 41.72% down from its $69,000 all-time high and while the price might be in what some describe to be a bear market, a deeper dive into various on-chain and derivatives data shows that a drop in inflows and thepivot from institutional investors are the main factors impacting BTC price action.
Taken from here! (https://cointelegraph.com/news/bitcoin-is-40-down-from-its-ath-but-on-chain-analysts-say-it-s-starting-to-bottom-out)
I am hoping that this good news for Bitcoin and that we can see it starts rising again maybe to $45K in the next few days and "wishing-on-the-well" can be $50K in the month of May which is now fast approaching. In my own analysis, April is not good for the King of Cryptos as there is a glaring lack of excitement on this asset right now...but things can change fast anytime. Do you think the bottoming out is really happening?