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!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?