Bitcoin · The Block
Bitcoin correction may be nearing an end with 8 of 12 capitulation signals flashing, VanEck says
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Bitcoin could be approaching the end of an almost 11-month correction and entering an accumulation phase, according to VanEck.
Key facts
- Bitcoin (BTC) is trading around $64,700 on Tuesday and has remained range-bound between roughly $58,000 and $66,500 since the beginning of June
- Meanwhile, the amount of bitcoin held for more than a year fell by roughly 356,000 BTC over the past 30 days to 11.84 million BTC, bringing long-term holders' share of circulating supply below 60%
- However, VanEck warned against treating these capitulation signals as surefire short-term signals to buy, noting that similar periods of eight to 12 indicators firing produced average 90-day
- Bitcoin could be approaching the end of an almost 11-month correction and entering an accumulation phase, according to VanEck
Summary
The asset manager's researchers, including Senior Investment Analyst Patrick Bush and Head of Digital Assets Research Matthew Sigel, found that eight of 12 signals in its " Bitcoin Capitulation Check " are currently flashing, adding that all 12 signals have dropped into their capitulation zone at some point over the past three months. The researchers wrote that the readings suggest the market has witnessed "what appears to be bitcoin price capitulation" and is "nearing or currently in an accumulation phase. Bitcoin (BTC) is trading around $64,700 on Tuesday and has remained range-bound between roughly $58,000 and $66,500 since the beginning of June. This has also coincided with renewed demand for U.S. spot bitcoin ETFs.