{"id":519239,"date":"2023-02-10T14:16:17","date_gmt":"2023-02-10T14:16:17","guid":{"rendered":"https:\/\/wncen.com\/?p=519239"},"modified":"2024-06-11T14:32:23","modified_gmt":"2024-06-11T14:32:23","slug":"bitcoin-bear-market-back-or-slight-correction","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-bear-market-back-or-slight-correction\/","title":{"rendered":"Bitcoin Bear Market Back Or Slight Correction? Here&#8217;s What&#8217;s Going On"},"content":{"rendered":"<p>Yesterday&#8217;s news that one of the largest US exchanges Kraken will have to pay a $30 million fine to the US Securities and Exchange Commission and shut down its crypto-staking product for US customers has caused a lot of uncertainty, including in the Bitcoin market.<\/p>\n<p>In recent days, it has become increasingly apparent that U.S. authorities are pursuing a strict agenda against crypto companies in the wake of the FTX collapse. In particular, the US authorities&#8217; efforts are targeting the banking sector, which provides the on- and off-ramp for exchanges, and stablecoins.<\/p>\n<p>Therefore, even though crypto-staking has nothing to do with Bitcoin at first glance, there is concern that centralized exchanges in the U.S. are facing major challenges that may also affect the Bitcoin market.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-bearish-below-23k\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Price Prints Bearish Technical Pattern, Upsides Attractive To Bears<\/a><\/div>\n<p>In this respect, it is not surprising that the Bitcoin price has lost support at $22,370. The support level had been tested five times since January 23. Yesterday&#8217;s news could not be absorbed by the Bitcoin bulls.<\/p>\n<p>For the moment, BTC reached a low of $21,633, where the next region of support can be found at $21,600 to $21,500. If the support also breaks, the 200-day exponential moving average (EMA) could provide the most important support, which is currently at $21,383.<\/p>\n<figure id=\"attachment_519243\" aria-describedby=\"caption-attachment-519243\" style=\"width: 2957px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-519243 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/BTCUSD_2023-02-10_12-26-30.png?resize=2957%2C1612\" alt=\"Bitcoin price BTC USD\" width=\"2957\" height=\"1612\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/BTCUSD_2023-02-10_12-26-30.png?w=2957 2957w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/BTCUSD_2023-02-10_12-26-30.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/BTCUSD_2023-02-10_12-26-30.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/BTCUSD_2023-02-10_12-26-30.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/BTCUSD_2023-02-10_12-26-30.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/BTCUSD_2023-02-10_12-26-30.png?w=2048 2048w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/BTCUSD_2023-02-10_12-26-30.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/BTCUSD_2023-02-10_12-26-30.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-519243\" class=\"wp-caption-text\">BTC price, 1-day chart | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/uD28avrX\/?symbol=ICEUS%3ADX1%21\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n<h2>Bitcoin Bears Or Bulls Taking Over?<\/h2>\n<p>The good news is that the daily RSI is completely set back to neutral with 47, after it topped in mid-January at 87.\u00a0 On the other hand, the spot orderbook of the largest spot exchange, Binance, is also displaying a strong support between $21,400 and $21,600 as buy walls have formed in this range.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> Binance spot orderbook. <\/p>\n<p>Look at those buy walls at 21.4k &#8211; 21.6k, will be watching them closely. <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin<\/a> <a href=\"https:\/\/t.co\/UCK97jeI2U\" rel=\"nofollow\">pic.twitter.com\/UCK97jeI2U<\/a><\/p>\n<p>&mdash; exitpump (@exitpumpBTC) <a href=\"https:\/\/twitter.com\/exitpumpBTC\/status\/46237442?ref_src=twsrc%5Etfw\" rel=\"nofollow\">February 9, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>As long as the area above the 200-day EMA is defended by the bulls, the current price trend can be dismissed as a healthy correction. The uptrend remains intact.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-unmoved-2-years-what-this-mean-btc-price\/\" target=\"_blank\" rel=\"noopener \">Half Of All Bitcoin Unmoved In 2 Years: What Does This Mean For The BTC Price?<\/a><\/div>\n<p>However, if BTC falls below the 200-day EMA, this could be seen as a failed attempt by the Bitcoin bulls to establish a trend change. In addition, it can be interpreted as bearish for Bitcoin because the price (presumably) fails to establish a new high for the moment in the weekly chart.<\/p>\n<p>Analyst Rekt Capital shared the following 1-week chart of BTC and states:<\/p>\n<blockquote><p><strong>BTC performs yet another fake-breakout by failing to retest the ~$23,400 level as support. <\/strong><strong>In the process, BTC has formed a new Lower High resistance.<\/strong><\/p><\/blockquote>\n<figure id=\"attachment_519256\" aria-describedby=\"caption-attachment-519256\" style=\"width: 1850px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-519256 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/FojsHDpXEAEqg1C.jpg?resize=1850%2C1288\" alt=\"Bitcoin price weekly chart\" width=\"1850\" height=\"1288\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/FojsHDpXEAEqg1C.jpg?w=1850 1850w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/FojsHDpXEAEqg1C.jpg?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/FojsHDpXEAEqg1C.jpg?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/FojsHDpXEAEqg1C.jpg?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/FojsHDpXEAEqg1C.jpg?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/FojsHDpXEAEqg1C.jpg?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/FojsHDpXEAEqg1C.jpg?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-519256\" class=\"wp-caption-text\">Bitcoin weekly chart | Source: <a href=\"https:\/\/twitter.com\/rektcapital\/status\/34031877\" target=\"_blank\" rel=\"noopener nofollow\">Twitter @rektcapital<\/a><\/figcaption><\/figure>\n<p>Meanwhile, from an on-chain perspective, Bitcoin momentum is shifting into positive territory. The adjusted output profit ratio (aSOPR) is breaking out and holding above 1.0, showing that the market has realized gains on the chain for the first time since April 2022, as explained by analyst James Straten.<\/p>\n<figure id=\"attachment_519264\" aria-describedby=\"caption-attachment-519264\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-519264 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/aSOPR.jpg?resize=1800%2C1013\" alt=\"Bitcoin aSOPR\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/aSOPR.jpg?w=1800 1800w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/aSOPR.jpg?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/aSOPR.jpg?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/aSOPR.jpg?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/aSOPR.jpg?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/aSOPR.jpg?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/aSOPR.jpg?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-519264\" class=\"wp-caption-text\">Bitcoin aSOPR | Source: <a href=\"https:\/\/twitter.com\/jimmyvs24\/status\/43635971\" target=\"_blank\" rel=\"noopener nofollow\">Twitter @jimmyvs24<\/a><\/figcaption><\/figure>\n<p>This is also confirmed by the realized P\/L ratio on the gains. The market is now realizing a greater proportion of gains in USD than losses. Sellers with an unrealized loss are exhausted and generally adjust to a healthier inflow of demand.<\/p>\n<div class=\"disclaimer-shortcode\">Featured image from iStock, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Yesterday&#8217;s news that one of the largest US exchanges Kraken will have to pay a $30 million fine to the US Securities and Exchange Commission and shut down its crypto-staking product for US customers has caused a lot of uncertainty, including in the Bitcoin market. In recent days, it has become increasingly apparent that U.S. authorities are pursuing a strict agenda against crypto companies in the wake of the FTX collapse. In particular, the US authorities&#8217; efforts are targeting the banking sector, which provides the on- and off-ramp for exchanges, and stablecoins. Therefore, even though crypto-staking has nothing to do with Bitcoin at first glance, there is concern that centralized exchanges in the U.S. are facing major challenges that may also affect the Bitcoin market. Related Reading: Bitcoin Price Prints Bearish Technical Pattern, Upsides Attractive To Bears In this respect, it is not surprising that the Bitcoin price has lost support at $22,370. The support level had been tested five times since January 23. Yesterday&#8217;s news could not be absorbed by the Bitcoin bulls. For the moment, BTC reached a low of $21,633, where the next region of support can be found at $21,600 to $21,500. If the support also breaks, the 200-day exponential moving average (EMA) could provide the most important support, which is currently at $21,383. Bitcoin Bears Or Bulls Taking Over? The good news is that the daily RSI is completely set back to neutral with 47, after it topped in mid-January at 87.\u00a0 On the other hand, the spot orderbook of the largest spot exchange, Binance, is also displaying a strong support between $21,400 and $21,600 as buy walls have formed in this range. $BTC Binance spot orderbook. Look at those buy walls at 21.4k &#8211; 21.6k, will be watching them closely. #Bitcoin pic.twitter.com\/UCK97jeI2U &mdash; exitpump (@exitpumpBTC) February 9, 2023 As long as the area above the 200-day EMA is defended by the bulls, the current price trend can be dismissed as a healthy correction. The uptrend remains intact. Related Reading: Half Of All Bitcoin Unmoved In 2 Years: What Does This Mean For The BTC Price? However, if BTC falls below the 200-day EMA, this could be seen as a failed attempt by the Bitcoin bulls to establish a trend change. In addition, it can be interpreted as bearish for Bitcoin because the price (presumably) fails to establish a new high for the moment in the weekly chart. Analyst Rekt Capital shared the following 1-week chart of BTC and states: BTC performs yet another fake-breakout by failing to retest the ~$23,400 level as support. In the process, BTC has formed a new Lower High resistance. Meanwhile, from an on-chain perspective, Bitcoin momentum is shifting into positive territory. The adjusted output profit ratio (aSOPR) is breaking out and holding above 1.0, showing that the market has realized gains on the chain for the first time since April 2022, as explained by analyst James Straten. This is also confirmed by the realized P\/L ratio on the gains. The market is now realizing a greater proportion of gains in USD than losses. Sellers with an unrealized loss are exhausted and generally adjust to a healthier inflow of demand. Featured image from iStock, Chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":519248,"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":[428,1119],"class_list":["post-519239","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin Bear Market Back Or Slight Correction?<\/title>\n<meta name=\"description\" content=\"Bitcoin Bear Market Back Or Slight Correction? 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Yesterday's news about Kraken has caused a lot of uncertainty.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/wncen.com\/news\/bitcoin-bear-market-back-or-slight-correction\/","og_locale":"en_US","og_type":"article","og_title":"Bitcoin Bear Market Back Or Slight Correction?","og_description":"Bitcoin Bear Market Back Or Slight Correction? 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