Ciaran Ryan
3 minute read
24 May 2021
7:04 pm

Bitcoin is in a bear market, but for how long?

Ciaran Ryan

Bitcoin appears to officially be in a bear market, but the bear-bull cycles in the crypto world have been getting shorter.

Picture: iStock/

Bitcoin (BTC) broke through the 200-day exponential moving average last week for the first time in a year, confirming that a new bear market is now in play. Bitcoin dropped more than 30% in May, the worst drop since November 2018. In 2019, it traded below the 200-day moving average of three occasions, but has remained above this line for the last 13 months. Elon Musk may have been the trigger for the latest sharp drop, and in doing so shot himself in the foot (given Tesla’s $1.5 billion purchase of BTC in February), but there were signs of weakness,...