The crypto market has been overshadowed by bearish sentiments, yet historical patterns reveal that Bitcoin is once again testing a vital support trendline.
These negative sentiments have emerged following a disappointing phase in the crypto market. After the abrupt crash on October 10, which resulted in $19 billion worth of liquidations, Bitcoin (BTC) and other cryptocurrencies attempted to recover. BTC managed to reclaim $116,000 just three days later.
However, this recovery faced obstacles as renewed bearish trends emerged. Consequently, Bitcoin recently plummeted to a four-month low around $103,000. This decline has caused concern among investors and prompted miners to increasingly deposit their holdings on Binance.
The initial test of this support level occurred in December 2022 after the FTX collapse in November that year. The aftermath pushed BTC down to $16,293 by December 2022 before it tested the support trendline again. Following this test, BTC surged back up to reach $31,818 by July 2023.
After peaking at $31K once more corrected downward reaching a low point of $24,920 by September 2023; another recovery followed from there with Bitcoin climbing up towards an impressive peak value amounting over approximately seventy-three thousand dollars ($73k) during March next year i.e., twenty-twenty-four (March ’24).
This marked one longest stretches upward momentum but resistance capped rally at seventy-three thousand dollars ($73k), correction led lower fifty-nine thousand five hundred seventy-seven dollars ($49k) August same year (‘August ’24). Yet again recovered jumping one hundred twenty-six grand earlier month now facing another correction trying maintain psychological barrier set around hundred-thousand-dollar mark!
Bitcoin’s Resilience During Trendline Retests
Altcoin Daily’s chart reveals each time Bitcoin fell back; found footing retesting ascending trendline despite pervasive negativity surrounding community echoed phrases like “it’s so over.”
Nevertheless historically speaking whenever such scenarios unfolded full recoveries ensued reaching new heights! Current similar negative atmosphere persists should history repeat itself could see upward movement post stabilization buying pressure returns favorably impacting price action positively long-term perspective!
Glassnode confirms today that current positioning between two significant levels right now below two-hundred-day moving average priced approximately one-hundred-seven-thousand four-hundred USD ($107400), above three-sixty-five-day moving average valued ninety-nine nine hundred USD($99900). They emphasize importance maintaining position above latter otherwise risks steeper declines become reality sooner rather than later unfortunately enough already precarious situation existing presently amongst stakeholders involved directly indirectly alike overall ecosystem sustainability considerations taken account properly thoroughly beforehand proceeding further forward accordingly logically rationally reasonably thoughtfully sensibly intelligently wisely judiciously carefully cautiously prudently astutely smartly cleverly shrewdly resourcefully effectively efficiently productively competently capably proficiently adept skillful adroit dexterous nimble agile fleet-footed quick-witted sharp-minded keen perceptive insightful discerning observant alert attentive vigilant watchful wary guarded circumspect chary heedful mindful cautious careful prudent discreet tactful diplomatic considerate thoughtful sensible intelligent wise judicious clever shrewd astute canny sagacious 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