Market Analysis by MarketPulse (Zain Vawda) covering: BTC/USD, Bitcoin, ETH/USD, Fidelity Ethereum Fund. Read MarketPulse (Zain Vawda)'s Market Analysis on Investing.com
prices have struggled to gain momentum of late with the fear and greed index remaining in fear territory. Global markets fears around a potential recession are weighing on the crypto market.Bitcoin bulls have failed to make a move above the $65k handle and that has resulted in consistent selling pressure on the world’s largest cryptocurrency. Despite this the average bitcoin investor remains profitable, it is the short-term holders who are facing challenges at present.
From the perspective of the broader market, unrealized losses remain historically low. Total unrealized losses amount to just 2.9% of the Bitcoin market cap, which is historically low. This suggests that the aggregate investor remains relatively profitable, even in the face of continued price declinesThere is also further room for downside if one considers that bitcoin is currently trading around 22% down from its all-time high.
What’s interesting is that this support level at 56,561 has been strong since early August, even after a market selloff. To reach 50,000, Bitcoin needs to get past the support levels at 55,000 and 53,965.
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