Bitcoin is 40%+ down from its ATH, but on-chain analysts say it’s ‘starting to bottom out’
2022.04.29 06:28
Bitcoin is 40%+ down from its ATH, but on-chain analysts say it’s ‘starting to bottom out’
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.
