The S&P 500 index has declined about 5% this week while the Nasdaq Composite is down more than 5.5%. Investors fear that the Federal Reserve’s aggressive rate hikes could cause an economic downturn.
The yield curve between the two-year and 10-year Treasury notes, which is watched closely by analysts for predicting a recession, has inverted the most since the year 2000.
Among all the mayhem, it is encouraging to see that Bitcoin (BTC) has outperformed both the major indexes and has fallen less than 4% in the week.
Could this be a sign that Bitcoin’s bottom may be close by?On-chain data shows that the amount of Bitcoin supply held by long-term holders in losses reached about 30%, which is 2% to 5% below the level that coincided with Bitcoin’s bottom in March 2020 and December 2018.Read more on cointelegraph.com