Bitcoin Price Near $26K as BTC Hit by Longest Bear Market

Pathik Bhattacharya
Pathik Bhattacharya Published on August 29, 2023 06:00 AM

Bitcoin's value is now more than 50% lower than its all-time high, highlighting the obstacles and uncertainties that have defined the crypto ecosystem during this extended period.

Bitcoin Price Near $26K as BTC Hit by Longest Bear Market
Source: Unsplash

Bitcoin, which previously reached nearly $69,000 in November 2021, is now in a sustained bear market. The crypto space, including Bitcoin, has been in a bearish period for around 490 days. This prolonged downturn has put the crypto community to the test and taxed investor fortitude.

Despite robust underlying development, comparisons to the 2015 bear market have developed, characterised by sideways movements and a progressive erosion of faith in crypto. Crypto specialist Michael van de Poppe believes that this difficult period provides an opportunity for new investors to learn and adapt, identifying new opportunities amid difficulty.

Poppe's words resonate with individuals in the crypto world, emphasising the need to view difficult times as stepping stones to greater success. Several developments are taking place while the market grapples with its current position that could act as catalysts for Bitcoin's comeback.

Bitcoin's Potential Catalysts Amidst the Bear Market

Despite the ongoing bear market, Bitcoin's potential catalysts are quietly building in the background. Governments and traditional institutional investors are increasingly turning their attention to Bitcoin.

Notably, BlackRock and other institutions have submitted applications for spot Bitcoin exchange-traded funds (ETFs). The launch of the first spot BTC ETF in Europe, Oman's substantial Bitcoin mining investment plans, and Hong Kong's efforts to regulate crypto signify broader interest and growth.

Yet, these developments seem overshadowed by the prolonged bearish phase that has persisted for the past two years. Market sentiment appears restrained as the market remains entrenched in this mode.

Bitcoin's Negative Market Sentiment Drawing Huge Losses

The ongoing sentiment of pessimism among crypto investors is a reflection of the current phase termed as 'time capitulation' by Poppe. This phase, characterized by subdued movements and a lack of noticeable price shifts, is a precursor to eventual expansion and acceleration.


It's a reminder that market cycles are slow-moving in crypto, and maintaining composure during such periods is essential, especially in Bitcoin.

Poppe's insights provide a glimpse of optimism beyond the current downturn. Market cycles are not abrupt; they transition gradually. The potential for upward movement and growth is inherent in these cycles. Understanding and identifying liquidity patterns is key to navigating these phases.

Bitcoin Price Analysis

As per CoinStats, Bitcoin is currently trading at $26,082.34, up 0.28% in the previous 24 hours, with a live market size of $508 billion. It has a circulating supply volume of 21,000,000 BTC coins and a maximum supply volume of 21,000,000, with a 24-hour trading volume of $23B.

bitcoin price chart

Source: CoinStats

Sideways price action continues to be a prevalent trend in the crypto market. Bitcoin's trading range between $25,850 and $26,230 symbolizes a standoff between bulls and bears.

Though the week started with slightly negative sentiment in the futures market, analysts note that as long as the bullish order block holds and RSI trends upward, the market remains favourable.

Bitcoin is currently trading above $26,000 and above the 100 hourly Simple Moving Average. On the upside, immediate resistance is located at $26,175 and $26,200.

A decisive rise above $26,200 might drive the price towards the major resistance level of $26,500. Intermediate resistance is near the 61.8% Fib retracement level of the decline from the swing high of $26,779 to the low of $25,778 at $26,400.

bitcoin price chart

Source: TradingView


The crypto landscape's ebb and flow are characterized by diverse trends, sentiments, and potential catalysts. Bitcoin's protracted bear market and the ongoing sideways price action create an environment ripe for both learning and opportunity. As the market moves through 'time capitulation,' investor composure and adaptability are paramount.


Price PredictionAltcoin News


GSR, A Provider Of Cryptocurrency Liquidity, Has Regulatory Permission In Singapore
GSR, A Provider Of Cryptocurrency Liquidity, Has Regulatory Permission In Singapore
October 03, 2023 01:29 AM