{"id":532264,"date":"2023-05-12T10:50:39","date_gmt":"2023-05-12T10:50:39","guid":{"rendered":"https:\/\/wncen.com\/?p=532264"},"modified":"2024-06-11T08:14:32","modified_gmt":"2024-06-11T08:14:32","slug":"does-the-bitcoin-price-dump-signal-the-start-of-another-bear-market","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/does-the-bitcoin-price-dump-signal-the-start-of-another-bear-market\/","title":{"rendered":"Does The Bitcoin Price Dump Signal The Start Of Another Bear Market?"},"content":{"rendered":"

The last two days have been especially rocky for the Bitcoin price as it has fluctuated heavily between trying for a recovery and then crashing even further. As a result of this, the price of the digital asset has revisited the $26,000 level once more and the new bearish trend may point to more decline for the cryptocurrency.<\/p>\n

Bitcoin Loses $27,000 Support<\/h2>\n

After a rollercoaster response to the CPI data release, the price of Bitcoin had reclaimed $27,000 and the bulls quickly tried to establish support above $27,000. This level would hold for about a day, but by Thursday, bears made easy pickings of it, dragging the price of BTC down to as low as $26,200.<\/p>\n

Related Reading: Matrixport Report: Here\u2019s What Happens To Bitcoin If Inflation Continues To Fall<\/a><\/div>\n

This decline in price has dragged the cryptocurrency to dangerously bearish levels. One of these is the fact that it is now trading below its 50-day moving average. For a digital asset like BTC, maintaining its 50-day SMA is important, especially if the asset is going to see an upside in the coming days.<\/p>\n

\"Bitcoin<\/p>\n

BTC returns to $26,000 level | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
However, as this trend continues, it will not be surprising to see BTC lose footing above its 100-day MA. If this happens, then the digital asset could be in free fall for a while which could see it return to the $20,000 level. Unless there is a sudden turn in investor sentiment, the bear market may have returned in full bloom.<\/p>\n
Crypto Investors Becoming Wary<\/h2>\n
As the price of Bitcoin has suffered, so has the sentiment of investors moved into the more negative territory. BTC\u2019s rise above $31,000 brought the Fear & Greed Index to a high of 69 in April. However, there has since been a shift in how investors have been looking at the market.<\/p>\n
Over the last three weeks, the Fear & Greed Index has shown a 20-point decline which puts the market back into neutral territory. While this level is not necessarily bad when taken at face value, the fact that the index has declined from greed back to neutral is concerning.<\/p>\n
\"Bitcoin<\/p>\n
Fear & Greed Index turns neutral | Source: alternative.me<\/a><\/pre>\n
If anything, this decline indicates that investors are becoming more wary of the market. When things like these occur, it means that investors are not willing to put money into the market. Volumes decline as a result of this and price fall in response to the lack of momentum.<\/p>\n
Related Reading: Total Number Of Shiba Inu Addresses In Profit Drops As Market Braces For Impact<\/a><\/div>\n
Currently, support for BTC lies at $26,000 which is shaky at best. Unless there is a significant accumulation of the digital asset over the coming days, then the weekend which is characterized by low volumes and volatility could prove detrimental for the cryptocurrency<\/p>\n
At the time of writing, BTC is changing hands at a price of $26,291, down 4.22% in the last 24 hours.<\/p>\n
Follow Best Owie on Twitter<\/a> for market insights, updates, and the occasional funny tweet\u2026 Featured image from iStock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The last two days have been especially rocky for the Bitcoin price as it has fluctuated heavily between trying for a recovery and then crashing even further. As a result of this, the price of the digital asset has revisited the $26,000 level once more and the new bearish trend may point to more decline for the cryptocurrency. Bitcoin Loses $27,000 Support After a rollercoaster response to the CPI data release, the price of Bitcoin had reclaimed $27,000 and the bulls quickly tried to establish support above $27,000. This level would hold for about a day, but by Thursday, bears made easy pickings of it, dragging the price of BTC down to as low as $26,200. Related Reading: Matrixport Report: Here\u2019s What Happens To Bitcoin If Inflation Continues To Fall This decline in price has dragged the cryptocurrency to dangerously bearish levels. One of these is the fact that it is now trading below its 50-day moving average. For a digital asset like BTC, maintaining its 50-day SMA is important, especially if the asset is going to see an upside in the coming days. BTC returns to $26,000 level | Source: BTCUSD on TradingView.com However, as this trend continues, it will not be surprising to see BTC lose footing above its 100-day MA. If this happens, then the digital asset could be in free fall for a while which could see it return to the $20,000 level. Unless there is a sudden turn in investor sentiment, the bear market may have returned in full bloom. Crypto Investors Becoming Wary As the price of Bitcoin has suffered, so has the sentiment of investors moved into the more negative territory. BTC\u2019s rise above $31,000 brought the Fear & Greed Index to a high of 69 in April. However, there has since been a shift in how investors have been looking at the market. Over the last three weeks, the Fear & Greed Index has shown a 20-point decline which puts the market back into neutral territory. While this level is not necessarily bad when taken at face value, the fact that the index has declined from greed back to neutral is concerning. Fear & Greed Index turns neutral | Source: alternative.me If anything, this decline indicates that investors are becoming more wary of the market. When things like these occur, it means that investors are not willing to put money into the market. Volumes decline as a result of this and price fall in response to the lack of momentum. Related Reading: Total Number Of Shiba Inu Addresses In Profit Drops As Market Braces For Impact Currently, support for BTC lies at $26,000 which is shaky at best. Unless there is a significant accumulation of the digital asset over the coming days, then the weekend which is characterized by low volumes and volatility could prove detrimental for the cryptocurrency At the time of writing, BTC is changing hands at a price of $26,291, down 4.22% in the last 24 hours. Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026 Featured image from iStock, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":532268,"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":[428,85117,679,1119,1144,78790],"class_list":["post-532264","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-fear-and-greed-index","tag-bitcoin-price","tag-btc","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nDoes The Bitcoin Price Dump Signal The Start Of Another Bear Market?<\/title>\n<meta name=\"description\" content=\"The last two days have been especially rocky for the Bitcoin price as it has fluctuated heavily between trying for a recovery and then crashing even\" 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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":"Does The Bitcoin Price Dump Signal The Start Of Another Bear Market?","url":"http:\/\/wncen.com\/news\/does-the-bitcoin-price-dump-signal-the-start-of-another-bear-market\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/does-the-bitcoin-price-dump-signal-the-start-of-another-bear-market\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/iStock-1316129074.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/iStock-1316129074.jpg?fit=2342%2C1280"},"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 fear and greed index","bitcoin price","btc","btcusd","btcusdt"],"dateCreated":"2023-05-12T10:50:39Z","datePublished":"2023-05-12T10:50:39Z","dateModified":"2024-06-11T08:14:32Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Does The Bitcoin Price Dump Signal The Start Of Another Bear Market?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/does-the-bitcoin-price-dump-signal-the-start-of-another-bear-market\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/does-the-bitcoin-price-dump-signal-the-start-of-another-bear-market\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/iStock-1316129074.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/iStock-1316129074.jpg?fit=2342%2C1280\"},\"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 fear and greed index\",\"bitcoin price\",\"btc\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2023-05-12T10:50:39Z\",\"datePublished\":\"2023-05-12T10:50:39Z\",\"dateModified\":\"2024-06-11T08:14:32Z\"}<\/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\/2023\/05\/iStock-1316129074.jpg?fit=2342%2C1280","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/532264"}],"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=532264"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/532264\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/532268"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=532264"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=532264"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=532264"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}