Bitcoin price down 13% since beginning of year after failed attempts to end bearish streak
As trader Luke Martin noted, bitcoin, the leading cryptocurrency, has now spent the longest days under the annual open since the 2018 bear market, with bulls struggling to gain momentum.
Notably, bitcoin spent less than four months at its initial open for four out of five years in the period from 2017 to 2022.
The Belvedere cryptocurrency is currently trading at $41,384 on the Bitstamp exchange. It is down 13.30% year-on-year, outperforming the S&P 500 index and gold.
As reported by U.Today, bitcoin turned positive sometime in late March and reached a new high of $48,189 in 2022 on the Bitstamp exchange. The widely tracked crypto “Fear and Greed Index” also showed greed for the first time in months as market sentiment improved.However, the recovery ended up being short-lived. On April 18, bitcoin fell to $38,536, its lowest level since mid-March. The rising pace of Federal Reserve interest growth is currently the main concern for investors as a bullish monetary policy stance is unlikely to bode well for riskier assets like bitcoin.
The biggest cryptocurrency is down 40.05% since hitting its current all-time peak of over $69,000. Nevertheless, according to recent data provided by Glassode, about 75% of all bitcoin addresses remain in profit despite a significant correction in the market. For comparison, only 50% were in gains in March 2020 after the massive pandemic-induced crash. Therefore, it seems that the current bear cycle is not as brutal as the previous ones.