Bitcoin’s [BTC] short-term recovery chances looks bleak thanks to…

ambcrypto.com:

Bitcoin is down again, and the slump just doesn’t seem to stop for the king coin of crypto. It has ended the past EIGHT weeks in losses and looks set to continue the rut. There is good reason for maximalists to be afraid of their beloved Bitcoin dropping below new support levels.

Currently trading at $28,800, it is down by just approximately 1% in the past 24 hours. Given the lack of movement recently, Bitcoin is now expected to end the week around the $29,000 zone. The volume is another concerning factor which is down by almost 25% since yesterday.

The largest cryptocurrency has gone through extreme volatility this month with the Terra de-pegging denting hopes of any recovery. Billions were wiped out from the crypto market after the crash putting Bitcoin on the brink of a major collapse.

Bitcoin survived but consolidated around the $29,000-$30,000 region. However, metrics suggest there is still more to come with recent discouraging data. In a recent Glassnode tweet, the NVT signal was recorded at its 4-year low of 233.9. The previous 4-year low was in fact, recently observed on 25 May piling on more pressure on the Bitcoin community.

Source: Glassnode

Another tweet raised eyebrows across the crypto space, as Crypto Quant reported that there will be, “2-3 months of boring price action. Then last capitulation possible with 30%- 50% additional price drop”. This emphasizes on the market bottom being explored by the Bitcoin price chart as it struggles to rise back above the $30k level.

Source:: Crypto Quant/ Twitter

Marion Laboure, analyst at Deutsche Bank Research, said in an interview with CNBC that,

“Bitcoin value will continue to rise based on what people believe it’s worth.” 

Bitcoin is on a red chart far more often these days