Due to the sharp movements in the US dollar index bitcoinHe had a turbulent day. With the dollar index gaining 1.5% within hours, the leader cryptocurrency unit fell as low as $18,650 during the day.
After the sharp rise in the dollar index (DXY) #Bitcoin It went down to $18650. pic.twitter.com/nqNG6EnxUa
— Bitcoin System (@bitcoinsystem) October 21, 2022
The sharp rise in the dollar index was not permanent. Bitcoin rallied as high as $19,200 as DXY rebalanced.
Crypto research firm Arcane Research has released its new weekly data on Bitcoin. Researchers think that the bottom scenarios in past bear markets are quite similar to today’s conditions.
“The bear season at the end of 2017 lasted for about a year. Bitcoin lost 84% in value at that time. In the 2022 market, the decline period reached 342 days.”
Arcane Research analysts’ thesis is that bear season times are similar. If we accept the researchers’ thesis, Bitcoin should enter a bull market in the new year.
On-Chain Data Shows Bottom!
Glassnode, one of the on-chain tracking platforms, is new for Bitcoin on-chain published data.
According to the BTC Reserve Risk graph calculated by Glassnode researchers, the reward rate that the leading cryptocurrency will bring according to the risk taken is increasing. The green zone in the graph; It shows that the risk of investment in Bitcoin is less than the reward.
All investment vehicles, especially cryptocurrencies, are under pressure as government bond yields continue to rise. The annual yield on the US 10-year government bond has risen over 4% in recent days.
*Not investment advice.
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