Bitcoin Defies Adversity, Remains Above $63,000 Amid Hack and High-Profile Sales
Bitcoin's price remains around $63,000 despite a $100 million hack and Michael Saylor selling his holdings. Analyst SalsaTekila believes this is a sign that Bitcoin has entered the 'depression phase' of its cycle.
SalsaTekila points out that Bitcoin completed its capitulation in late June and that this week's events have only strengthened the case for the 'depression phase'. This phase is characterized by extremely bearish sentiment even as selling pressure fades.
Additionally, pseudonymous analyst Victor notes that Bitcoin's Adaptive Sell-Side Risk Ratio is sitting near the bottom percentile, a zone that historically appeared during the final stages of bear markets. However, Victor cautions that low sell-side risk does not guarantee the bottom.