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Bitcoin Price Holding Firm At $20,000; Gensler Incites Hope

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VOC, Voice of Crypto, Bitcoin, BTC

Bears in the market have dominated the recent developments in the global economy. With Bitcoin price at $20,000, it is regarded as an inflation hedge is not holding up.

Also, Garry Gensler (FED Chairman) commented on viewing Bitcoin as a commodity. This news brought in a trail of positive sentiment in the crypto community.

As of now, Bitcoin Price is holding support at $20,000. All in all, Bitcoin is down by 2% in a day and 2% in a week too.

Likewise, other altcoins are also stuck near the critical support levels.
Ethereum has gained $1200 again and facing resistance at $1250 levels.

XRP is also trading at $0.35, marking a significant pivot.
While the only altcoins printing green percentages are Apecoin and Bittorrent, both of the coins have marked 12.5% and 11.2% gains in the past 24 hours.

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Bitcoin Price

 

Currently, Bitcoin is under the 200-day moving average. This makes it a strong support level as this has only happened for 3% of the Bitcoin lifecycle.

Will Clemente, a well-known crypto analyst, tweeted about Bitcoin being a very cheap asset. This can be well supported by the price action currently below the 200-day trend.

Also, notifying the current balance of Bitcoin on exchanges is eyeing a three-year low. Usually, such conditions denote fading selling pressure.

Increasing Retail Interest

 

 

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Bitcoin on-exchange reserves are falling, and non-zero wallet addresses are printing all-time highs. With a new record of 42 million non-zero addresses, even the addresses with 1+ Bitcoin holdings saw a new ATH.

Recently in the latest post on glassnode, an average Bitcoin bear cycle lasts for about 260 to 410 days.

The current bear cycle started around November highs of $69,000. It can be visible that Bitcoin is reaching the first target of 260 days around mid-august 2022.

According to the historical price action, on average, Bitcoin price drops by 75% to 84% in the bear cycles. Recently, it dipped to $17,500, marking a 75% dip signaling that the bottom might be in.

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Jatin Sewani is crypto markets writer/reporter based in India. He is skilled in onchain as well as technical analysis. He's currently pursuing actuarial science which lets him look at things from a risk-based perspective.

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