This morning, Glass node Alerts (@glassnodealerts) tweeted that the market cap for Bitcoin (BTC) just hit its lowest point in 14 months, at $388,646,856,528.36. The tweet also said that the previous 14-month low was seen on November 27, 2022, when it was $388,648,702,967.83.
According to CoinMarketCap, BTC is trading at $16,200 right now. In the last 24 hours, the price of the cryptocurrency market leader dropped by 2.17%. Despite this, the price of BTC is still 0.47 percent higher than it was a week ago.
Since Glassnode Alerts’ tweet, the market cap of BTC has gone down even more, and it is now at $311,421,446,119,085 at the moment. At press time, the value of bitcoin on the market was about $340,311,157,692.
Related: Why won’t Grayscale accept GBTC’s 633,600 bitcoins, according to independent research?
When you look at how much BTC is traded in 24 hours, you’ll see that the number has gone up by 38.20%, bringing the total trade volume to $25,193,942,025.
Toni Ghinea, a crypto analyst (@ToniGhinea), tweeted yesterday what he thought would happen to BTC. “The last leg of BTC/USD is 114,000,” said the cryptocurrency analyst.The tweet also said that the BTC bottom will be printed between December of this year and the first quarter of 2023. The analyst predicts a “strong reversal” to $30k after that.
BTC/USDT chart for the past week (source: CoinMarketCap)
As long as the weekly 9 EMA is below the weekly 20 EMA and the weekly RSI line is below the weekly RSI SMA line, the weekly chart for BTC/USDT is still bearish. These bearish signs suggest that the price of BTC will go down even more or, at the very least, will stay in a narrow range for the rest of the year.
