Fast Take
In response to knowledge gathered by Newhedge over the previous 5,024 days, relationship again to 2010, Bitcoin has been worthwhile for a powerful 4,947 days. Because of this the digital asset has solely skilled 77 days of being unprofitable, equating to a 98.5% profitability charge. Regardless of the latest bearish sentiment available in the market, Bitcoin continues to commerce at round $63,000, with solely temporary intervals in April and November 2021, and from Feb. 28 to April 17, it has been extra worthwhile.
The bearish sentiment surrounding Bitcoin might be attributed to a number of components, together with the upcoming halving occasion and the digital belongings’s tendency to expertise adverse worth efficiency earlier than the halving. Moreover, ETF inflows have began to dry up and even flip adverse. Whereas potential battle within the Center East stays a priority, the latest drop in Brent Crude Oil costs from $92 to $87 means that the worst could also be behind us.
In a constructive flip of occasions, Bitcoin funding charges have flipped again to constructive after being adverse over the weekend. Traditionally, this has been a superb contrarian indicator for marking bottoms in cycles.
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