Source: Sharecast
Bitcoin has plunged nearly 50% from its all-time high, near $65,000 in mid-April. But the huge move to the downside hasn't deterred investors from betting on the long-term bullish outlook for the digital asset. According to one of Glassnode's metrics, dubbed Liveliness, the Bitcoin market has been noticing a change in the "macro hodling behavior" of long-term investors, who continue to hoard bitcoins, they explain from CoinTelegraph.
As for technical analysis, Bitpanda experts note that the price is moving within a descending wedge pattern that began to form in mid-June. The pattern is bullish, but the price needs to break that uptrend in order to have a positive performance going forward. In trading range it is helping altcoins to gain volume, especially Bitcoin, which has fallen to 44% from 50% a week ago.
“The corrective phase in bitcoin continues its course, although since the crash at the end of May we have the price displaying a wide lateral movement. But everything continues to fit within an impeccable upward trend in the background, or primary, ”explains José María Rodríguez, an analyst at Bolsamanía, for his part. The queen of cryptocurrencies is still up 18% on the year despite falling 47% from highs.
In the rest of the market, ethereum also increases this Monday, with the price exceeding $2,100, although it still maintains a 5% decline in the last seven days, according to data from CoinMarketCap, and the total capitalization amounts to 1,4trn.
Translated by Caoimhe Toman
