Bitcoin price falls to a multi-month low, but data points to a possible short-term bounce

BTC and altcoin prices succumbed to this week’s negative newsflow, but sentiment analysis and on-chain data point to the possibility of a short-term bounce.

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[{"selector":"#anim-68a9b0f5-0f21-47b0-b66d-36fe62b7c9e1 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(8.57142877222854%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Later on the same day, the largest crypto-friendly bank confirmed its collapse and planned to liquidate its crypto positions voluntarily. The week’s events sent Bitcoin to a two-week low of $20,050.

[{"selector":"#anim-35d6c372-1584-48fe-82c0-24d500e479ae [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-0.24587918797300246%, 9.27265417324232%) scale(1.381679389312977)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] The flurry of bad news and price drops caused a significant dip in CryptoQuant's Coinbase premium index, which measures the difference in trading prices on Coinbase and Binance.

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