With Bitcoin failing so far failing to recover from its 50% drawdown from the April all-time high, the bear market narrative for BTC and the crypto market continues to grow.
As a continuation to its nightmare’s week, Bitcoin dropped another 8% from today’s $35,600 opening price and recorded a current low of $31,700, according to Bitstamp.
The Bitcoin stock to flow model, designed by PlanB, outlines a relationship between scarcity and value that has been a solid long-term predictor of cryptocurrency price trends.
Bitcoin's price headed south again to a low of just over $37,000 as on-chain data suggests that whales have started to sell off some of their holdings.
The Bitcoin mining difficulty has further declined to a five-month low following the latest actions taken by the Chinese government against BTC mining.
Thomas Lee believes bitcoin and the crypto market need to evolve further to stop fluctuating hard after comments from powerful individuals, like Elon Musk.
Shortly after an anonymous buyer paid the record-breaking $22.5M in digital assets for a Miami Beach penthouse, DJ David Guetta listed his $14M apartment for crypto too.
Bitcoin remains up by a strong 8% over the past 24 hours of trading as it gained over $6K in less than two days, before slightly retracing from the $37.6K resistance area.
Bitcoin is up by 12% from yesterday’s low of $31,000, according to Bitstamp, and is currently battling to climb above a descending trend line that spans the first week of June.
Unlike Tesla, MicroStrategy has not altered its stance on Bitcoin and is making moves to purchase more through the increasing of the size of a corporate bond sale.
