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Alphractal, a leading cryptocurrency analytics firm, has raised concerns that Bitcoin may be entering a bear market. Their analysis uses the Spent Output Profit Ratio (SOPR) to detect market shifts. By combining SOPR with exponential and simple moving averages, they aim to filter out market noise.
Analytics Company Claims Bitcoin Could Be Entering a Bear Market: Shares Three Key Scenarioshttps://t.co/6ay6OvE0WH
— John Morgan (@johnmorganFL) September 22, 2024
Since 2015, Alphractal has observed a pattern where Bitcoin’s bull markets are short while bear markets tend to be longer. The recent signal indicates a shift towards a bearish trend. This development suggests Bitcoin’s upward momentum may slow down in the coming months. The cautionary signal from Alphractal encourages investors to be cautious, closely monitoring the SOPR and other indicators to make informed decisions.
Key Bitcoin Levels To Watch – September 22
The BTCUSD pair shows a bearish reversal as price failed to break the $64000 resistance level, where an Order Block (OB) exists. The MACD is showing weakening bullish momentum, with the histogram declining and the lines approaching a potential bearish crossover.
Price is hovering near $62850, slightly above the 9-day SMA at $61310, with key support seen at $56500. If the price breaks below this support, a deeper correction toward $49050 is likely.
BTCUSD Key Levels
Resistance Levels: $64000, $73840, $80000
Support Levels: $56500, $49050, $45000
BTC/USD Metrics
Total Market Capitalization: $2.20T
Bitcoin Market Capitalization: $1.24T
Bitcoin Volume: $14.33B
Market Rank: #1
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