Bitcoin may have a hard time recovering due to macro headwinds, according to yassineARK
With that being said, Bitcoin has dipped below its 200-week moving average on the short-and-long-term cost basis for the first time in its history. This suggests that the crypto king could be trading near another"generational bottom," according to Elmandjra.
Bitcoin's"Puell Multiple," one of the key indicators tied to miners, has dropped to its lowest level in three years. This might indicate that Bitcoin is likely bottoming out since the value of the newly issued coins is relatively low compared to average numbers. Bitcoin is currently sitting at the $19,600 level on major spot exchanges after adding roughly 2.9% over the past month.
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