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Bitcoin is pushing its lowest levels in recent months and now risks violating the support that has continued the BTC price bull run. Bitcoin, Mt. Gox struggles to maintain its bull market as paybacks trigger the largest wave of liquidations in years.
According to TradingView data, the Bitcoin price alone fell 5% on July 5, and now investors are eyeing the critical levels that the bulls must protect. The first level to watch for popular trader Matthew Hyland is the $52,000 support point.
This has been the base of Bitcoin‘s supertrend indicator on weekly time frames since its all-time high of $73,800 in mid-March.
Supertrend uses the average true range to create the “Supertend line” that determines the buying and selling phases for BTC/USD. The pair has been above the supertrend line since the end of 2022; This was when Bitcoin’s last bear market ended.
When we observe previous Bitcoin bull markets, the current decline still looks modest.
Since 2016, BTC/USD has fallen by 38% multiple times, making the capitulation target $45,750.
Commenting on this phenomenon, Adam Back, founder and CEO of Blockstream, criticized the volatile market sentiment. Instead, he argued that hodlers should invest more in both Bitcoin and shares of MicroStrategy, which has the largest BTC treasury of any public company.
“Reminder, look at the big picture. Previous bull runs have also had a half-dozen -30% declines. We’re currently at about -26% (-27% previously),” he wrote on X.
“Actually, the recent declines don’t seem to be any deeper, but people are forgetting the normal bull market pattern. Don’t panic, buy the dip. or buy some $CMSTR with BTC.”
Trader and analyst Rekt Capital stated that this decline in Bitcoin is normal. He included the following statements in his statements:
“This retracement is 21% deep and 45 days long. In this cycle, the average retracement depth is 22% and the average retracement duration is 42 days,” he calculated. In terms of retracement depth, this is almost an average retracement. In terms of withdrawal duration, this is an above average withdrawal. In the long run, he added in an X post along with a comparative chart, BTC price history is “repeating as we speak.”
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