BITCOIN LOSES 40K SUPPORT

BITCOIN LOSES 40K SUPPORT TRIGGERING ‘DOUBLE TOP’ SPECULATIONS ONCE AGAIN, SENTIMENT STILL AT EXTREME FEAR

BITCOIN ON-CHAIN CHARTS UPDATE

After trying to get past $43k yesterday, Bitcoin is yet again down and has lost the $40k support level. Currently trading at $38,942.26 at the time of writing, BTC is still thriving amid bears calling $69k was the double top.

Bitcoin losing 40k support level

This speculation going on in social media made the sentiment on investing in Bitcoin at an even lower Extreme Fear Index.

Bitcoin Fear and Greed Index

Also looking at a new chart below, as of the moment, there’s 67% of existing bitcoins currently in profit. Studying the charts below, market tops and massive selloffs usually happen when the percentage of bitcoins in profit goes above 95%.

There are only two ways to interpret these charts: we’re now entering a bear market or still mid-bull market.

In the case of a bear market, either you decide to liquidate at a loss and re-enter when we get a bottom confirmation or DCA. Bear or bull – I think one thing’s clear, we have to wait until Bitcoin decides where to go. Patience is indeed a virtue!

What are your thoughts on these charts? Comment down below.

For more charts relevant to market top readings, stay tuned. 😉

DISCLAIMER: THIS IS NOT FINANCIAL ADVICE.


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Elisa A.

Elisa is our Head of Market Analysis at Rocket Crypto X

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