Bitcoin Endured Two Major Capitulation Events in H1, Glassnode Shows

Bitcoin (BTC) has experienced significant ups and downs in the first half year due to various uncertainties and events like the LUNA collapse.

Glassnode believes the top cryptocurrency has persisted in two huge capitulation events so far in 2022. The market insight provider explained:

“2022 has seen Bitcoin markets weather two enormous capitulation events, both with the largest BTC transfer volume in loss since 2011. When LUNA collapsed, the total transfer volume in loss was 538k BTC. This was followed by 480k BTC as the market traded below the 2017 ATH.”


Source: Glassnode

The collapse of LUNA and UST, the native tokens of the Terraform network, sent shockwaves in the crypto market, and Bitcoin was not spared. This emerged as the first significant capitulation event.

Nevertheless, the top cryptocurrency dusted itself off after 538,000 BTC was transferred in massive loss. 

The second capitulation event continues to play out after Bitcoin nosedived below the all-time high (ATH) of $20,000 recorded in 2017.

Since capitulation happens when investors have given up trying to recover lost gains based on falling prices, Glassnode recently pointed out that this was happening in the BTC market because a resilient bottom had not yet been formed. 

Crypto analyst Rekt Capital acknowledged that bear market bottoms are time intensive and said:

“Typical BTC bear market bottoms tend to take months to develop before a new macro uptrend begins. BTC has been meandering at current prices for only a few weeks. History suggests it is too premature to expect a full-blown macro trend reversal so soon.”

Rekt Capital added that the psychological price of $20,000 was the level to watch based on how strong or weak it would emerge as a support level.

Bitcoin was up by 4.38% in the last 24 hours to hit $22,337 during intraday trading, according to CoinMarketCap

Image source: Shutterstock

Credit: Source link






Bitcoin Dipped below 100-hour MA, Triggering Further Downswing, Analyst Suggests

The crypto community has been waiting with bated breath for Bitcoin (BTC) to make the next move based on the consolidation around the...

20 Of The Best Undershirts For Men To Build Out Your Staple Wardrobe (Updated 2022)

Of all the covert workhorses plying their trades across your body, the humble undershirt deserves a spot in the hall of fame. It’s...

Ludovic de Saint Sernin to Design Ann Demeulemeester

Ann Demeulemeester, the Belgian label acquired by Italian entrepreneur Claudio Antonioli in 2020, has appointed Paris-based designer Ludovic de Saint Sernin as its...

Hermès: Effortless elegance in UNESCO

It all seemed so effortless in UNESCO this Saturday at Hermès, which made this rather menswear wonderful collection even more special. Fashion, they often...

Jenny McCarthy and Donnie Wahlberg Bare All In New Beauty Campaign

Almost exactly one year ago, actress Jenny McCarthy took her first step into the beauty industry with the launch of her clean...
en English