Bitcoin may be in for aSummer 2021-style correction, according to a recent report from CryptoQuant. Analysis of the Profit & Loss metric reveals the index is sticking close to its 365-day moving average. This suggests a potential return to the downside despite whales continuing to accumulate the coin in the face of selling pressure from the German government and the Mt. Gox reimbursement plan. CryptoQuant's Bull-Bear indicator also shows signs of breaking below the neutral line, suggesting that bears are gaining control of the market, and portending a steeper correction. Moreover, Bitcoin's price continues to trade under or around the 200-day simple moving average — yet another sign of Bitcoin's current price weakness.
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