Bitcoin [BTC] overcomes a 200-day old downtrend, may act as a sign for bear market end

Bitcoin [BTC], the world’s largest cryptocurrency, has seen a radical shift in its perspective ever since its value growth over the past one month. The cryptocurrency witnessed a massive 100 percent increase in its price which enabled it to break the $8,000 threshold and almost double user investments overnight. Many proponents of the cryptocurrency have also bet on Bitcoin to outperform traditional S&P stocks, deeming it to be more than just a 10-year-old speculative asset.

Recent surveys showed that on May 23, Bitcoin prices climbed higher than what it was exactly a year back, a phenomenon which has not happened in a 200-day period. Looking at the growth history of Bitcoin, it was also seen that the ‘king coin’ traded higher year-over-year 75 percent of the time, a fact that supporters of the coin were pointing at to make the case for its longevity. Looking at its price charts, Bitcoin closed at $7,556 on May 23, 2018, and the mark was broken a year later when the cryptocurrency closed at $7,875 on May 23, 2019.

The aforementioned 200-day window was important because the start of it signaled the start of the crushing bear market which wiped almost 80 percent of the cryptocurrency market’s valuation. The price hike has been on the back of several updates and developments which have been taking place in the Bitcoin ecosystem, which in turn has affected the rest of the market as well.

At the time of writing, Bitcoin was trading for $7,907.27, with a total market cap of $140.11 billion. Over the past week, the cryptocurrency further witnessed an increase of 7.34%, which also corresponded to an increase in its 24-market volume which stood at $23.36 billion.

Another important area of discussion in the Bitcoin-sphere was related to its futures contracts, a topic that was discussed recently by ErisX CEO Tom Chippas. He had claimed that Bitcoin Futures were still subject to final licensing requirements from the CFTC.

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