Every Bitcoin investor is searching for signals that the market is approaching a bottom, but the price action of this week suggests that we’re just not there yet.
Evidence of this can be found by looking at the monthly return for Bitcoin (BTC), which was hit with a rapid decline that “translated to one of the biggest drawdowns in monthly returns for the asset class in its history,” according to the most recent Blockware Solutions Market Intelligence Newsletter.
Bitcoin continues to trade within an increasingly narrow trading range that is slowly being compressed to the downside as global economic strains mount.
Whether the price continues to trend lower is a popular topic of debate among crypto analysts and the dominant opinion current points to further downside.
Analysts will stay bearish until $45,000 is reclaimed
According to Blockware Solutions, there are a variety of indicators that point to a bearish outlook as long as…