Are Bitcoin and Other Cryptos Back in a Bear Market After Latest Drop?
Cointelegraph By Michael van de Poppe's original article for cointelegraph.com reduced by 47%
On Nov. 8, Bitcoin corrected from $9,200 to $8,650, causing the market sentiment to shift from greed to fear once more. The recent correction made Bitcoin price lose the 200-Day Moving Average, which is a key indicator for many traders and investors who rely on it to determine bear/bull market cycles.
The reasoning for this comes from historical data, which shows that Bitcoin never dropped below this indicator in recent market cycles. Previous examples of comparisons with earlier market cycles didn't hold up either, which were the 21-Week MA and the maximum correction of 40% that Bitcoin has seen in any bull market. Total market capitalization show bottom signalsTotal Crypto Market Capitalization 1-day chart.
So is the cryptocurrency market back in a bear market with Bitcoin losing the 200-Day MA? The simple answer is no. In other words, Bitcoin going below $7,300 would be a bearish sign for the entire crypto market.
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