is BTC nears bear market territory?

Bitcoin is currently trading at around $7,700 after a recent drop from the high of close to $20k. The question arises whether this is the beginning stage of a bear market in which people start selling off?

The “bear market crypto 2022” is a question that many people are asking. The answer to the question is yes, BTC is nearing bear market territory.

In the worst-case scenario, Bitcoin should have finished November at $98,000, but a variety of events conspired to produce a substantially lower monthly closing. BTC hit an all-time high of over $69,000 on November 10 and has subsequently declined around 17% to current values.

Analysis of the Bitcoin Price

The latest drop, according to several major media sites, has driven markets back into gloomy territory. However, November’s correction was the smallest of 2021, overshadowed by Bitcoin’s enormous 53.4 percent decline between April and July.

The most recent correction, which took place in September, was the second-deepest, reaching a depth of 37% from the April ATH.

On Thursday, BTC was back at $57,000, having gone full circle in only 24 hours. The pair had briefly reached $59,000 at the opening of Wall Street the day before, but this failed to hold as another round of macro triggers shifted sentiment to the downside. As a consequence, Bitcoin fell in lockstep with equities, which looked to be responding to the continuous anxiety over the new coronavirus omicron type.

BTC is now trading at $56,576.79, down 1.31 percent from its previous high. The company has a market capitalization of $1,068,674,283,554 and a trading volume of $35,521,572,265.

Michaal van de Poppe, a Cointelegraph writer, recently tweeted that he believes

“I’ve stayed cautious/bearish below $60K because I’d want to see that region flip.”

It’s fairly straightforward.

I’ve stayed cautious/bearish below $60K because I’d want to see that region turn.

For #Bitcoin, watch the $53K-54K and $47-50K zones for potential buys.

December is the best time to acquire #altcoins.

In the last several weeks, nothing has changed.

December 1, 2021 — Michaal van de Poppe (@CryptoMichNL)

Meanwhile, open interest in Bitcoin futures recently equaled its second-highest levels in history, close to its April record, owing to its massive volume in relation to price activity.

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The “bear market crypto meaning” is a question that has been asked in the past. The answer to the question is no, BTC is not near the bear market territory yet.

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