Bitcoin (BTC) has suffered a catastrophic correction, effectively wiping out the majority of gains accumulated since late 2020. Following its all-time high (ATH) of nearly $69,000 achieved in November 2021, the price has collapsed by over 70%, pushing the asset back to levels last seen before the major institutional adoption surge of early 2021. This severe retracement signifies the end of a robust 15-month bull market cycle, plunging the cryptocurrency market into a deep bear phase.
The initial phase of the bull market, fueled by pandemic-era liquidity and increasing institutional interest, saw BTC rise dramatically from under $10,000 in mid-2020 to test $69,000. However, the subsequent reversal has been relentless, driven primarily by macroeconomic tightening. The shift in global monetary policy, led by aggressive interest rate hikes from the U.S. Federal Reserve to combat soaring inflation, triggered a sharp de-risking across all financial markets. High-beta assets, including technology stocks and cryptocurrencies, bore the brunt of this exodus.
Adding to the macro pressures, the cryptocurrency ecosystem faced significant internal turmoil throughout the second quarter of the year. The collapse of the Terra ecosystem (LUNA/UST) in May, followed by the insolvency of major centralized lenders and hedge funds like Celsius and Three Arrows Capital (3AC), shattered investor confidence and forced massive liquidations. This internal contagion exacerbated the price decline, leading to sustained investor fear and uncertainty.
Analysts now point to extreme market capitulation, with key technical support levels, such as the 200-week moving average, being tested for stability. The market outlook remains volatile, with any sustained recovery predicated on either a material shift in global economic forecasts or a definitive sign that the internal crypto deleveraging cycle is complete.
Source: Bitcoin price erases 15 months of bull market gains with $69K comedown
コメント