Bitcoin Market Witnesses 18-Month Steady Price Rise After FTX Collapse
The post Bitcoin Market Witnesses 18-Month Steady Price Rise After FTX Collapse appeared on BitcoinEthereumNews.com.
The Bitcoin market has reportedly been seeing significant developments since the collapse of the notorious crypto exchange FTX. As per Glassnode, a prominent blockchain analytics provider, the chief crypto token has witnessed an 18-month bull run during the recent year, after the FTX crash. The analytics company took to its official X account to provide the details of this development. The #Bitcoin market saw around 18 months of steady price appreciation post FTX, followed by three months of range-bound price action after the $73k ATH. From May to July, the market experienced its deepest cycle correction, recording a drawdown exceeding -26% from the ATH. pic.twitter.com/BSYIzX7r5E — glassnode (@glassnode) July 15, 2024 Bitcoin Market Goes Through an 18-Month Gradual Price Spike after the FTX Crash In its exclusive X post, Glassnode noted that, since that influential event, the market experienced a huge price elevation. During this period, the top crypto asset went through a steady price upsurge. This lengthened uptrend paved the way for a record-high level of up to $73,000 in terms of price. This hike denoted a unique all-time high for the well-known crypto token. The Lengthened Uptake Results in a Significant Price Correction Nonetheless, the momentum of the market started to decline in the last 3 months. Hence, the prices got into a range-bound period. The respective consolidation phase recorded the fluctuation in Bitcoin price within a thin range. This signified a pause in the upward trajectory of the market. Nevertheless, between May and July, the market saw its most extreme correction. Therefore, the prices plunged by more than 26% from the token’s all-time high. This severe dip points toward the most comprehensive cycle correction within the present market cycle. In addition to this, it also highlights a massive shift in the overall sentiment of the investors. The…
Filed under: News - @ July 16, 2024 8:22 am