{"id":473027,"date":"2022-07-12T00:15:00","date_gmt":"2022-07-11T21:15:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/analysts-say-bitcoin-range-consolidation-is-most-likely-until-a-macro-catalyst-emerges\/"},"modified":"2022-07-12T00:15:00","modified_gmt":"2022-07-11T21:15:00","slug":"analysts-say-bitcoin-range-consolidation-is-most-likely-until-a-macro-catalyst-emerges","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/analysts-say-bitcoin-range-consolidation-is-most-likely-until-a-macro-catalyst-emerges\/","title":{"rendered":"# Analysts say Bitcoin range \u2018consolidation\u2019 is most likely until a \u2018macro catalyst\u2019 emerges"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a29da2aec212\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a29da2aec212\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/analysts-say-bitcoin-range-consolidation-is-most-likely-until-a-macro-catalyst-emerges\/#%E2%80%9D_Analysts_say_Bitcoin_range_%E2%80%98consolidation_is_most_likely_until_a_%E2%80%98macro_catalyst_emerges_%E2%80%9C\" >&#8221; Analysts say Bitcoin range \u2018consolidation\u2019 is most likely until a \u2018macro catalyst\u2019 emerges &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/analysts-say-bitcoin-range-consolidation-is-most-likely-until-a-macro-catalyst-emerges\/#Macro_headwinds_weigh_on_BTC_price\" >Macro headwinds weigh on BTC price<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/analysts-say-bitcoin-range-consolidation-is-most-likely-until-a-macro-catalyst-emerges\/#Where_is_the_bottom\" >Where is the bottom?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Analysts_say_Bitcoin_range_%E2%80%98consolidation_is_most_likely_until_a_%E2%80%98macro_catalyst_emerges_%E2%80%9C\"><\/span>&#8221; Analysts say Bitcoin range \u2018consolidation\u2019 is most likely until a \u2018macro catalyst\u2019 emerges &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>From a historical perspective, the loss in value realized across the cryptocurrency market over the past several months has been one for the record books and the total cryptocurrency market cap has declined from $3 trillion to $991 million.\u00a0<\/p>\n<p>June was especially painful for investors after the price of Bitcoin (BTC) fell nearly 40% to mark one of its worst calendar months on record according to a recent report from cryptocurrency research firm Delphi Digital. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-07\/1036d917-4c64-4ae1-b7e4-a13620b342b8.jpg\"><figcaption style=\"text-align: center;\"><em>BTC\/USD monthly candles vs. MoM% change. Source: Delphi Digital<\/em><\/figcaption><\/figure>\n<p>In light of the strong market correction, a number of BTC price and on-chain metrics have begun to reach levels similar to those seen during previous market bottoms, but this doesn\u2019t mean traders should expect a turnaround anytime soon because history shows that periods of weakness can drag on for months on end. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"Macro_headwinds_weigh_on_BTC_price\"><\/span>Macro headwinds weigh on BTC price<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>One of the most significant factors weighing on cryptocurrencies and other risk assets has been the strength of the United States Dollar.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-07\/fa81ff19-a531-4149-a19b-9e70e2b66242.jpg\"><figcaption style=\"text-align: center;\"><em>DXY index YoY% change vs. BTC\/USD price YoY% change. Source: Delphi Digital<\/em><\/figcaption><\/figure>\n<p>Combined with rising inflation and falling economic indicators, DXY strength is a signal that an economic slowdown is all but inevitable, with forecasts now predicting a recession in early to mid-2023. <\/p>\n<p>Against this backdrop, BTC now finds itself attempting to form a local bottom around the 2017 cycle high near $20,000, \u201cthe last clear structural support on the high timeframe bitcoin chart.\u201d<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-07\/25aaeb93-92ee-4cd5-b09d-7d9d99923296.jpg\"><figcaption style=\"text-align: center;\"><em>BTC\/USD price-performance 1-week chart. Source: Delphi Digital<\/em><\/figcaption><\/figure>\n<p>This current cycle marks the first time in Bitcoin\u2019s history that its price has fallen below the all-time high set during a previous bull market cycle. Should BTC fail to hold support near $20,000, Delphi Digital pointed to an expected \u201csupport around ~$15K, and then ~$9K to $12K if that level failed to hold.\u201d<\/p>\n<p>While those estimates may seem bleak, it should be noted that BTC price fell roughly 85% from peak to trough during each of the previous two major bear markets. <\/p>\n<p>If the same were to occur during the current bear market cycle, that would put BTC at $10,000, marking another 50% drawdown from the current levels and falling in line with the 2018 to 2019 price range. <\/p>\n<p>For this reason, analysts at Delphi Digital believe that \u201cthere\u2019s still more pain ahead for risk assets.\u201d<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Bitcoin risks new lows as $20K looms amid dollar euro parity<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Where_is_the_bottom\"><\/span>Where is the bottom?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The percentage of Bitcoin supply held in profit and Bitcoin\u2019s realized profit\/loss ratio are nearing levels seen during previous bear markets, but each has \u201ca bit more room to go\u201d before they reach their lows for this cycle according to Delphi Digital. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-07\/1a081bae-0d78-4bab-86b6-b81eb202d637.jpg\"><figcaption style=\"text-align: center;\"><em>BTC\/USD price vs. realized P\/L ratio. Source: Delphi Digital<\/em><\/figcaption><\/figure>\n<p>According to the firm, \u201cmomentum indicators and valuation metrics can remain oversold or undervalued for an extended period of time,\u201d which makes them \u201cpoor timing tools\u201d that are not capable of predicting im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>te reversals. <\/p>\n<p>Contrarian investors might also want to keep an eye on the market sentiment as well as the Fear and Greed Index which has now reached historic lows. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-07\/cb33a395-d813-48a1-85de-d7d564e37397.jpg\"><figcaption style=\"text-align: center;\"><em>BTC\/USD price vs. Fear and Greed Index. Source: Delphi Digital<\/em><\/figcaption><\/figure>\n<p>When it comes to a potential move to the upside, Delphi Digital indicated that \u201cBTC has room above due to the previous liquidation cascade in the wake of 3AC,\u201d and identified the next major resistance level as $28,000. <\/p>\n<p>Delphi Digital said, <\/p>\n<blockquote><p>\u201cBTC will likely continue to consolidate until we get some kind of macro catalyst.\u201d<\/p><\/blockquote>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/analysts-say-bitcoin-range-consolidation-is-most-likely-until-a-macro-catalyst-emerges\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Analysts say Bitcoin range \u2018consolidation\u2019 is most likely until a \u2018macro catalyst\u2019 emerges &#8220; From a historical perspective, the loss in value realized across the cryptocurrency market over the past several months has been one for the record books and the total cryptocurrency market cap has declined from $3 trillion to $991 million.\u00a0 June&#8230;<\/p>\n","protected":false},"author":1,"featured_media":473028,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvODQ1M2U0YjEtZDIwOS00MGRiLWI2ZTQtNDI2ZTVlZjVjYjYwLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74982,74863,79109,75150,70551,70552,73785],"class_list":["post-473027","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-btc-markets","tag-cryptocurrencies","tag-interest-rate","tag-market-update","tag-inflation","tag-interest-rates","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/473027","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=473027"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/473027\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/473028"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=473027"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=473027"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=473027"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}