After long tantrums and tears that began in May, the crypto winter seems to be fading. Because the market has made a notable bullish season in the month of October. The King of Cryptocurrency, which has the power to change the paths of remaining digital assets, Bitcoin, went on to reach its monthly highs as it surpassed the fundamental resistance level at $20K.
According to experts of Coinpedia, BTC is attempting to reclaim its previous glory by displaying positive signs of recovery, because the digital asset added approximately $30 billion to its market cap and raised its value by 8 percent in "Uptober". Nevertheless, the upcoming Federal Reserve FOMC meeting scheduled for 3 November 2022, might bring some bearish moments for Bitcoin.
The Current Bearish Trend Of Bitcoin To Last Longer
As mentioned in "Coinpedia's Article", Glassnode conducted another metric which is the Balanced Price, presenting the variations between the transformed price and realized price, to determine the upcoming potential consolidation range of Bitcoin's bearish market trend. As per the analysis, BTC may trade in a range between Upper limit of Realized Price at $21.1K and Lower limit of Balanced Price at $16.5K.
The present downtrend is just three months old, and in the 2014 and 2015 bear markets, Bitcoin stayed in a range-bound bearish zone for 10 long months, while, in the 2018 and 2019 bear market, the bearish range stayed for 5.5 months. Hence, it is anticipated that the present downtrend will extend further and trade in this range a bit longer before forming any bullish reversal.
The URPD(UTXO REalized Price Distribution) shows the total distribution supply of a specific acquisition price. Glassnode has analyzed that BTC price registered a UTXO of 22.7% of the complete supply when the price made a low below the upper limit of Realized Price in 2018-2019. By comparing this data with the present price movement, Bitcoin is poised to drop more as the UTXO is just 14%. It suggests that further redistribution is required which will accelerate Bitcoin to new lows in the coming months.
According to experts of Coinpedia, BTC is attempting to reclaim its previous glory by displaying positive signs of recovery, because the digital asset added approximately $30 billion to its market cap and raised its value by 8 percent in "Uptober". Nevertheless, the upcoming Federal Reserve FOMC meeting scheduled for 3 November 2022, might bring some bearish moments for Bitcoin.
The Current Bearish Trend Of Bitcoin To Last Longer
As mentioned in "Coinpedia's Article", Glassnode conducted another metric which is the Balanced Price, presenting the variations between the transformed price and realized price, to determine the upcoming potential consolidation range of Bitcoin's bearish market trend. As per the analysis, BTC may trade in a range between Upper limit of Realized Price at $21.1K and Lower limit of Balanced Price at $16.5K.
The present downtrend is just three months old, and in the 2014 and 2015 bear markets, Bitcoin stayed in a range-bound bearish zone for 10 long months, while, in the 2018 and 2019 bear market, the bearish range stayed for 5.5 months. Hence, it is anticipated that the present downtrend will extend further and trade in this range a bit longer before forming any bullish reversal.
The URPD(UTXO REalized Price Distribution) shows the total distribution supply of a specific acquisition price. Glassnode has analyzed that BTC price registered a UTXO of 22.7% of the complete supply when the price made a low below the upper limit of Realized Price in 2018-2019. By comparing this data with the present price movement, Bitcoin is poised to drop more as the UTXO is just 14%. It suggests that further redistribution is required which will accelerate Bitcoin to new lows in the coming months.
