Bitcoin’s Current Correction Level Still Below Average, Says Rekt Capital Crypto Analyst
In Brief
Rekt Capital crypto analyst notes that the current Bitcoin retracement remains relatively mild compared to previous ones in terms of both price drop and duration.
Cryptocurrency analyst Rekt Capital shared a post on social media platform X, noting that since the bear market reached its lowest point in November 2022, Bitcoin has undergone six significant pullbacks.
These encompass a 23% pullback in February 2023 lasting 21 days, a 21% decline in April-May 2023 lasting 63 days, a 22% decrease in July-September 2023 also lasting 63 days, a 21% downturn in January 2024 lasting 14 days, a 23.7% drop in March-April 2024 lasting 49 days, and a 16% decline in May-June 2024 lasting 35 days.
Thus, the current retracement remains relatively mild compared to previous instances in terms of both how much the price has dropped and how long it has persisted.
The analyst’s conclusion highlighted two key insights about retracements in the current cycle. Firstly, as Bitcoin approaches a 20% retracement, the opportunity tends to improve. Secondly, longer retracements exceeding 40 days present even better opportunities for potential gains.
Bitcoin Faces Decline To $60,853 Amidst Market Volatility
During a recent bearish period, the price of BTC has transitioned from a bullish high of $71,122 in early June to a low of $60,853 later in the month, marking a decline of over 6.34% in recent days. This downturn has also affected the performance of other altcoins. Notably, BTC’s market capitalization has dropped to $1.2 trillion, reflecting a 5% decrease from the previous day. However, there has been an increase in network activity, with trading volumes rebounding to $28.9 billion, marking a significant 257% gain.
At the time of writing, Bitcoin is priced at $61,109, marking a decline of 4.79% over the past 24 hours. The lowest and highest points for BTC during this period were recorded at $60,853 and $64,139, respectively. Meanwhile, Bitcoin’s dominance today is reported at 53.82%, indicating a slight decrease of 0.29% compared to the previous day, according to data sourced from CoinMarketCap.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
