Bitcoin price back-pedals its bearish momentum

  • Bitcoin price took a backflip from its bearish sentiment to trade near the level of $54.3k
  • The crypto asset stemmed some of its losses as Wall Street unlatched on Friday after concerns over a new COVID-19-‘Nu’-variant sparked a global market sell-off
  • Mainstream outlets are claiming that the leading crypto asset has entered bear market territory
  • Amid the panic over prices in the market, BTC has a new ATH on-chain transaction volume

Bitcoin price has been volatile for the last few weeks after hitting a new all time high. Following the performance of the asset, analysts deemed an bearish outlook. However, on Friday it is observed that the flagship cryptocurrency back-peddled to break its bearish momentum and acquire a position near $53.5k. Moreover, it has been observed the crypto asset stemmed some of its losses as Wall Street unlatched on Friday after concerns over a new COVID-19-‘Nu’-variant sparked a global market sell-off.

Source: TradingView

Some sense of equilibrium returned to Bitcoin price

According to data from TradingView, it has been observed that on Friday Bitcoin price ended its downturn above $53.5k. Later the coin then added almost $1.5k as some sense of equilibrium returned to crypto markets, and traded near the level of $54,300 at press time.

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Notably, both the crypto market and the traditional assets market were rattled on the day. Following the proliferation of the new COVID-19-’Nu’-variant, many claimed it could pose a problem for vaccine programs. Pfizer, one of the major producers of coronavirus vaccines, noticeably bucked the nervous market downtrend. In contrast, the S&P 500 index was down by more than 1.5% at the time. Following the trends, analysts deemed it familiar to those who witnessed the events of March 2020. The coin designed by Satoshi Nakamoto thus abandoned its asymmetrical investment traits to fall in line with both equities and the USD.

BTC entered a bear market territory

Following the aforementioned scenario and the Bitcoin price performance analysts are concerned. CNBC and Bloomberg, like major media outlets, have deemed that a drop below the $54k level was accompanied by a familiar cocktail of misgivings. Indeed, these mainstream outlets are claiming that the leading crypto asset has entered bear market territory. Simultaneously, trader and analyst Rekt capital also highlighted while concerning where the price will move next on the longer-term outlook.

BTC transactions achieved new ATH

Where the highly volatile Bitcoin transaction volume has hit a new milestone. Amid the panic over spot prices in the Bitcoin market, some data revealed that BTC has witnessed a day with the largest single on-chain transaction volume in its history. According to researchers, the flagship cryptocurrency set another all-time high for transaction volume with over $36 billion of value settled. However, there is still some sign of genuine bearishness among analysts and long term participants.

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Ahtesham Anishttp://www.thecoinrepublic.com
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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