Bitcoin’s current correction is the largest of the bull market, but data indicate that the price is approaching prime capitulation territory.
Bitcoin’s (BTC) drawdown on Monday pushed the asset into a 26.7% loss, narrowly overtaking the 26.5% slide seen in April, and marking the steepest correction of the current bull market. The move red-lined multiple market structure indicators, suggesting the current correction could be a final leverage washout phase.
Key takeaways:
Bitcoin’s 26.7% correction is now the largest of the cycle.
