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Bitcoin has been able to make a resurgence in recent weeks. The 25,000 USD barrier was recaptured by Bitcoin prices just two days ago, marking the first time since June 13th.
In June, Bitcoin had its most significant monthly decline since 2011, falling over 37.3% to a final value of $19,925. Since then, it has partially recovered its value and today saw its first test of $25,000.
Bitcoin continues to rule the charts despite being down 46.5% from its previous high, but its dominance decreased to slightly under 40% as opposed to more than 50% a few months ago.
However, Bitcoin has been peacefully fluctuating horizontally over the past two weeks between $22,500 and $24,500. At the same time,
recent weeks have significantly recovered commodities prices and stock markets. As a result, the overall financial markets are experiencing the anticipated summer rally.
Since attitude had reached a severe panic state in June due to the financial markets’ steep, month-long decline, the perception among participants has dramatically improved during the most recent rebound.
This in and of itself is a well-known bear market pattern. However, it won’t be known whether and how the bears will return until around mid-September.
Over the previous four weeks, the Crypto Fear & Greed Index has made remarkable progress. The sentiment is still essentially scared, though. Fear still permeates the cryptocurrency industry seven months after the devastating sell-off.
The feeling of being defeated permeates the broader picture as well. There are several excellent contrarian opportunities in this setting. There is still a contrarian buy signal due to the scared mindset.
Sharp declines in the financial markets would be highly detrimental to retaining the current administration in office, given the midterm elections on November 8th in the US.
As a result, only a slight decline in the financial markets in September would be more likely. The markets could then rise from those lows until the American election.
Since November 2021, the equity and cryptocurrency markets have been under intense pressure for months, but a broad rebound has been going on for a little over four weeks.
The Nasdaq Composite, heavily weighted toward technology, has increased by over 20% from its low on June 16th due to this procedure, adding over $420 billion to its market value. This would imply that the bear market is officially over. - newsbtc
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