On June 13, cryptocurrency prices plunged deeper into bear market territory after Bitcoin (BTC) sliced through its current trading range and briefly touched $22,600, its lowest level se since December 2020.
According to BTC historical data, the market has now reached valuation metrics that show the price is severely oversold and perhaps near a bottom. Bitcoin has now fallen below its realized price, which represents the average price of every coin in supply based on the time it was last spent on-chain.
While the pain that this most recent capitulation has wrought across the ecosystem can’t be understated, the one glimmer of hope it offers weary crypto traders is that the worst of the decline could have occurred. The coming days will confirm this theory and proof would be institutions and retail traders stepping in to buy the dip.
“Shrimps and whales” accumulate
On-chain data shows that not all traders feel devastated about…
