Bitcoin is pushing its lowest levels in recent months and now the BTC price is at risk of violating the critical support that is sustaining the bull run. Mt. Gox refunds trigger the largest wave of liquidations in years, Bitcoin struggles to maintain its bull market.
According to TradingView data, Bitcoin price alone fell 5% on July 5, and now investors are eyeing critical levels that bulls must protect. The first level to watch for popular trader Matthew Hyland is the $52,000 support point.
This decline has been the bottom of Bitcoin's supertrend indicator on weekly time frames since the all-time high of $73,800 in mid-March.
The Supertrend indicator uses the average true range to determine buying and selling phases for BTC/USD. Bitcoin has been trading above the supertrend line since late 2022; This is when the last bear market ended.
When we observe previous Bitcoin bull markets, the current decline still looks modest. Since 2016, BTC/USD has fallen by 38% multiple times, setting the capitulation target at $45,750.
Commenting on this situation, Adam Back, founder and CEO of Blockstream, criticized the volatile market sentiment. Instead, he argued that hodlers should invest more in both Bitcoin and stocks like MicroStrategy, which has the largest BTC treasury of any public company.
"Remember, look at the big picture. Previous bull runs have also had a half-dozen -30% declines. We're currently at about -26% (-27% previously)," he wrote.
"In reality, the recent declines don't seem to be any deeper, but people are forgetting the normal bull market pattern. Don't panic, buy the dip or buy some $CMSTR with BTC."
Trader and analyst Rekt Capital stated that this decline in Bitcoin is normal and added:
"This withdrawal is 21% and continues for 45 days. In this cycle, the average withdrawal was calculated to be 22% and the average withdrawal duration was 42 days. It is almost an average withdrawal in terms of withdrawal depth and above average in terms of withdrawal duration. “In the long run, the BTC price continues as it has historically.”
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