Bitcoin Mirroring 2018 Bear Market With Long Bearish Streak
Bitcoin price is down 13% since the start of the year after failed attempts to end bearish streak
As noted by trader Luke Martin, Bitcoin, the flagship cryptocurrency, has now spent the longest number of days below the annual open since the 2018 bear market, with bulls struggling to regain momentum.
Notably, Bitcoin remained less than a month below its four out of five-year early opening in the period from 2017 to 2022.
Image by twitter.com
The bellwether cryptocurrency is currently trading for $41,384 on the Bitstamp exchange. It is 13.30% lower than the S&P 500 index and gold.
As reported by U.Today, Bitcoin briefly turned positive for the year in late March, climbing to a new 2022 high of $48,189 on the Bitstamp exchange. The widely followed crypto “fear and greed index” also flashed greed for the first time in months on the back of improving market sentiment.
However, the recovery proved short-lived. On April 18, Bitcoin fell to $38,536, its lowest level since mid-March. The accelerating pace of rate hikes by the Federal Reserve is currently the number one concern for investors, as an aggressive monetary policy stance is unlikely to bode well for risky assets like Bitcoin.
The largest cryptocurrency is down a whopping 40.05% since hitting its current peak of over $69,000. But according to recent data from Glassode, about 75% of all Bitcoin addresses remain in profit despite the significant market correction. In comparison, in March 2020, only 50% made a profit after a massive pandemic-induced crash. Therefore, it appears that the current bear market cycle is not as brutal as the previous one.