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Bitcoin’s bearish stance underlines market disquiet as it trails key averages
Shadowed by major averages, Bitcoin paints a bearish picture
This article was published 3 years ago. Some details may no longer reflect current market conditions or recent developments. If you spot anything that needs an update, contact us.
Quick Take
The current trading position of Bitcoin paints a rather bearish picture as it lingers below multiple moving averages and cost basis.
Hovering around the $26,000 mark, Bitcoin is trading below the short-term holder cost basis of $28,247. This cost basis is significant as it is the average on-chain acquisition price for coins stored outside exchange reserves and moved within the last 155 days.
These coins are most likely to be spent on any given day, indicating a heightened level of potential market activity.
In addition, Bitcoin is also trading below the 111 Day Moving Average (DMA), which is priced at $28,302.
The 111 DMA is a key indicator capturing the short-to-mid-term market momentum, further highlighting the bearish position of Bitcoin. The 200-day moving average, standing at $27,510, and the 200-week moving average, at $27,251, are other benchmarks that Bitcoin currently fails to surpass, reinforcing the bearish condition.
Market Cap $1.59T
24H Volume $33.58B
