{"id":495552,"date":"2022-07-13T17:00:58","date_gmt":"2022-07-13T17:00:58","guid":{"rendered":"https:\/\/wncen.com\/?p=495552"},"modified":"2024-06-11T14:21:32","modified_gmt":"2024-06-11T14:21:32","slug":"bears-refuse-to-budge-as-bitcoin-struggles-to-reclaim-20000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bears-refuse-to-budge-as-bitcoin-struggles-to-reclaim-20000\/","title":{"rendered":"Bears Refuse To Budge As Bitcoin Struggles To Reclaim $20,000"},"content":{"rendered":"

Bitcoin has been taking hit after hit from bears who want to see the price of the digital asset crumble to its lowest point. This has led to struggles on the part of bitcoin to keep up its price. However, with so many events working against the crypto industry and a large number of investors pulling out of the market, the digital asset has had a hard time maintaining its price above its last cycle high.<\/p>\n

Bitcoin Falls Below $20,000<\/h2>\n

Bitcoin\u2019s price has now fallen below $20,000 for the third time this year with so many hurdles in between. After struggling to maintain $22,000, the bears had once again seized control, which resulted in another dip. Bitcoin\u2019s fall to the $19,000 level carries the same implications as it has the other times but one thing that differentiates them is where the price had peaked before it made this fall.<\/p>\n

Related Reading |\u00a0Wall Street Investors Expect Bitcoin To Hit $10,000, Is This Possible?<\/a><\/strong><\/em><\/p>\n

It is not surprising given the rate at which money is moving out of the digital asset. It is nowhere near the previous bottoms of other bear markets. However, investors have been taking heavy losses due to the fact that the crash in June was one of the worst crashes ever recorded in the history of the cryptocurrency.\u00a0<\/span><\/p>\n

Reports even show that those who have held their coins for 3-5 years, who would normally still be in some profit even during a bear market are selling their coins for a 33% loss on average. Such high loss margins speak even worse for shorter-term investors who have been recording the worst losses.<\/p>\n

\"Bitcoin<\/p>\n

BTC loses footing above $20,000 | Source: BTCUSD on  TradingView.com<\/a><\/pre>\n
Profitability Begins To Fall<\/h2>\n
For most of the market crashes, the profitability for bitcoin holders has been holding up and remained in the majority. This was due to a large number of bitcoin holders being long-term investors and the digital asset maintaining above its previous cycle peak. However, as bitcoin has dropped below $20,000, its profitability has declined drastically.<\/p>\n
Data from IntoTheBlock<\/a> puts into perspective just how much profitability has declined in the last couple of months. The number of holders in losses and profit is now at an equal percentage, with 48% on each side. The remaining 3% of holders are simply in the middle at this point.<\/p>\n
Related Reading |\u00a0Bitcoin Daily Exchange Net Flows Shows Sell-Offs Have Not Subsided<\/a><\/strong><\/em><\/p>\n
The exchange inflows highlighted on the platform speak volumes about the sell-offs that have been happening in the space. In the last seven days, there have been $4.14 billion worth of inflows, and although outflows have surpassed this with a volume of $4.27 billion, it shows that investors are still selling almost as much as they are buying.<\/p>\n
As for bitcoin\u2019s price, it remains below the coveted $20,000 level. Now trending at $19,800 at the time of this writing, the digital asset is more than 71% down from its all-time high.<\/p>\n
Featured image from US News Money, charts from TradingView.com<\/pre>\n
Follow <\/i><\/b>Best Owie on Twitter<\/i><\/b><\/a> for market insights, updates, and the occasional funny tweet\u2026<\/i><\/b><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin has been taking hit after hit from bears who want to see the price of the digital asset crumble to its lowest point. This has led to struggles on the part of bitcoin to keep up its price. However, with so many events working against the crypto industry and a large number of investors pulling out of the market, the digital asset has had a hard time maintaining its price above its last cycle high. Bitcoin Falls Below $20,000 Bitcoin\u2019s price has now fallen below $20,000 for the third time this year with so many hurdles in between. After struggling to maintain $22,000, the bears had once again seized control, which resulted in another dip. Bitcoin\u2019s fall to the $19,000 level carries the same implications as it has the other times but one thing that differentiates them is where the price had peaked before it made this fall. Related Reading |\u00a0Wall Street Investors Expect Bitcoin To Hit $10,000, Is This Possible? It is not surprising given the rate at which money is moving out of the digital asset. It is nowhere near the previous bottoms of other bear markets. However, investors have been taking heavy losses due to the fact that the crash in June was one of the worst crashes ever recorded in the history of the cryptocurrency.\u00a0 Reports even show that those who have held their coins for 3-5 years, who would normally still be in some profit even during a bear market are selling their coins for a 33% loss on average. Such high loss margins speak even worse for shorter-term investors who have been recording the worst losses. BTC loses footing above $20,000 | Source: BTCUSD on TradingView.com Profitability Begins To Fall For most of the market crashes, the profitability for bitcoin holders has been holding up and remained in the majority. This was due to a large number of bitcoin holders being long-term investors and the digital asset maintaining above its previous cycle peak. However, as bitcoin has dropped below $20,000, its profitability has declined drastically. Data from IntoTheBlock puts into perspective just how much profitability has declined in the last couple of months. The number of holders in losses and profit is now at an equal percentage, with 48% on each side. The remaining 3% of holders are simply in the middle at this point. Related Reading |\u00a0Bitcoin Daily Exchange Net Flows Shows Sell-Offs Have Not Subsided The exchange inflows highlighted on the platform speak volumes about the sell-offs that have been happening in the space. In the last seven days, there have been $4.14 billion worth of inflows, and although outflows have surpassed this with a volume of $4.27 billion, it shows that investors are still selling almost as much as they are buying. As for bitcoin\u2019s price, it remains below the coveted $20,000 level. Now trending at $19,800 at the time of this writing, the digital asset is more than 71% down from its all-time high. Featured image from US News Money, charts from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026<\/p>\n","protected":false},"author":541,"featured_media":495564,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,1119,1122,1144,78790],"class_list":["post-495552","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nBears Refuse To Budge As Bitcoin Struggles To Reclaim $20,000<\/title>\n<meta name=\"description\" content=\"Bitcoin has been taking hit after hit from bears who want to see the price of the digital asset crumble to its lowest point. 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bears Refuse To Budge As Bitcoin Struggles To Reclaim $20,000","url":"http:\/\/wncen.com\/news\/bears-refuse-to-budge-as-bitcoin-struggles-to-reclaim-20000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bears-refuse-to-budge-as-bitcoin-struggles-to-reclaim-20000\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/07\/bitcoin-8.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/07\/bitcoin-8.jpeg?fit=970%2C647"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","btc","btc price","btcusd","btcusdt"],"dateCreated":"2022-07-13T17:00:58Z","datePublished":"2022-07-13T17:00:58Z","dateModified":"2024-06-11T14:21:32Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bears Refuse To Budge As Bitcoin Struggles To Reclaim $20,000\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bears-refuse-to-budge-as-bitcoin-struggles-to-reclaim-20000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bears-refuse-to-budge-as-bitcoin-struggles-to-reclaim-20000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/07\\\/bitcoin-8.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/07\\\/bitcoin-8.jpeg?fit=970%2C647\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"btc\",\"btc price\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2022-07-13T17:00:58Z\",\"datePublished\":\"2022-07-13T17:00:58Z\",\"dateModified\":\"2024-06-11T14:21:32Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/07\/bitcoin-8.jpeg?fit=970%2C647","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/495552"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=495552"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/495552\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/495564"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=495552"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=495552"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=495552"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}