The flagship asset declined to trunk recent losses during weekend predictions of a flight to $32k and downward moves increasingly feasible to become a reality. Currently, Bitcoin price is getting weakened around $35.2k with an over 18% drop in the past week.
But metrics are alarming that this is not the bottom and the asset is likely to undergo correction below $30k, which is referred to as bear market periphery.
But there are certain bullish factors too, which might become requisite catalysts for price action once the bear market gets over.
Bitcoin To Dive Under $30K?
The crazy part for the flagship asset is the open interest hasn’t been flushed out completely yet. Meanwhile, FUDs amongst traders have not come down yet. The recent analytics from Glassnode revealed shocking insights indicating that we have still not entered the bear market.
The above chart confirms that anxiety amongst traders has been increasing like never before. It is likely to lose crucial support and fear might take the market by storm. If that happens then Bitcoin price going down below $30k is inevitable. Many traders have been arguing that the market is similar to July 2021 crash and hence capitulation takes time.
But once the market sentiment turns bullish, then the most dominant is likely to break all its previous records. Because of the $300 billion loss in its market cap over the past couple of days, 61% of BTC is still in profit.
Further, the reports from Glassnode have also noted that miners are not selling their Bitcoin despite the crash. As miner wallet’s Bitcoin balance has been capitulating, the bull market might be somewhere around the corner.
Collectively, Bitcoin is under a terrible loss for the past few days, which is likely to continue. If FUDs rise then even miners could sell their holdings.
On a positive note, if global sentiments change and retailers reenter the market we can expect a bull market. In addition, Bitcoin’s illiquid supply has been on the rise which would propel the price high in the near future.