This Week in Crypto: Bearish Momentum Ebbs

Bitcoin's Roller Coaster Ride Continues Following a brief pump past the $31,500 resistance mark, the value of bitcoin (BTC) tumbled back yet again, consolidating below $30,500. Over the past seven sessions, BTC has remained flat, but 24-hour trading volume has dipped sharply, tumbling by nearly 40%. A recent report from Arcane Research highlights that the crypto market, especially bitcoin, is currently going through its longest stretch of "extreme fear" since the COVID-19 crash that transpired back in 2020. BTC has experienced multiple sell-offs since December 2021, primarily because of the global economy's increasing macroeconomic headwinds. The decline over the last two months has been steep, keeping BTC's year-to-date returns negative.