Bitcoin Drops Hard: Time To Fade The Trend And Buy BTC?
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Bitcoin is currently facing significant selling pressure, crashing below crucial support levels between $53,500 and $56,000. This dip raises concerns about further declines to $50,000 or even $40,000, indicating a potential bear trend continuation. Despite this, several on-chain indicators suggest underlying strength.
Analysts note that Bitcoin prices recently dipped below the "moderate risk lower boundary of 9% from the average purchase price of active investors", a sign observed five times over the last 18 months. Historically, prices have bounced back from such levels, giving hope for a potential rebound.
Notably, the average purchase price for active investors who bought Bitcoin within the last 155 days is $48,000. This level is critical; breaching it could test investor resolve and increase sell-off pressures.
Technically, Bitcoin is within a bearish breakout formation following the recent dip. The market value to realized value (MVRV) ratio is also at levels last seen during the FTX collapse in November 2022. Analysts suggest this could mean Bitcoin is available at a discount, similar to late 2022 when prices later recovered significantly.
Source: www.newsbtc.com ↗
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