Bitcoin 

BTC

$21,302

 bulls have successfully defended the $30,000 level in the past few days but the failure to achieve a strong rebound has some traders worried that the price will eventually dip to new lows. 

In a series of tweets, Ecoinometrics said that the current correction “looks very similar to 2013” when Bitcoin took 197 days to rise to a new all-time high and a bottom formed after a 69% correction from the all-time high.

If history repeats itself, then traders may need to be patient because the current correction has only been in play for 95 days. At $30,000, Bitcoin has just dropped 54% from its all-time high, and a 69% correction could sink it down to $20,000.

In a new report, Delphi Digital highlighted that trading activity had collapsed with spot exchange volumes having fallen more than 60% from the highs in May. The derivatives market has also seen an exodus of leverage traders and the Bitcoin futures open interest is back to the early 2021 levels.

Delphi Digital considers this a bullish sign as they believe that “stronger-handed participants are the ones primarily contributing to current open interest levels.”

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