Bitcoin’s Recovery Faces a Reality Check: Cycle Conditions Remain Subdued

Bitcoin staged a sharp rebound after Wednesday’s election-driven selloff, when uncertainty over the US midterm results sent the crypto asset tumbling to nearly $75,600, its lowest level in almost seven weeks. It tapped $81,000 but then lost all the gained traction, dumping to $76,000. But the new data shows that the pullback may not be over just yet. CryptoQuant flagged that certain indicators are nowhere near the extreme conditions often seen around major turning points. Further Downside Risk The Bitcoin Cycle Extremes Index has dropped to 15.8% on its 30-day moving average, putting it in the Watch / Mild Pressure zone.

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