Bitcoin (BTC) is flashing multiple bottom symbols, according to Yassine Elmandjra, an analyst at ARK Investment Management.
Elmandjra notes BTC is trading below its 200-week moving average (MA) short and long-term cost bases.
It’s only the fourth time that’s happened in Bitcoin’s price history, according to the analyst.
Elmandjra also says BTC miners are dealing with pressure.
“As stakeholders with the most skin in the game, miner capitulation is a key bottom marker. The Puell Multiple, a measurement that compares daily miner revenue to its yearly average, is at a 3-year low.”
Additionally, the analyst notes net realized losses in Bitcoin recently reached a two-year low.
Elmandjra says the macroeconomic conditions look bearish.
“Macro conditions are still weighing heavily on BTC’s outlook. Credit default swaps have more than doubled since September and the yield curve is flattening. Despite signs of a recession, the Fed is still hawkish. If it keeps tightening, risk-on assets like BTC could continue to suffer.”Â
Bitcoin is trading for $20,026 at time of writing. The top-ranked crypto asset by market cap is down more than 0.5% in the past 24 hours.
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