How to gain during crypto market downtrends with trading bots?
Bearish trends don’t have to be depressing. With short strategies, traders can target profits during downtrends. The crypto market has had a good year, recovering some losses suffered in 2022 during the latest crypto winter. While Bitcoin (BTC) broke above $31,000 on June 23 to update the year-to-date (YTD) high, the largest cryptocurrency by market cap still has a long way to go before it breaks above its record-high established at the end of 2021. Following the impressive rally that pushed Bitcoin’s price close to $70,000 in November 2021, the market has been in free fall for months. The valuation of the premier cryptocurrency continued to drop until the end of 2022, tumbling to less than $16,000 last November. The bearish pressure was fueled by significant crashes in the crypto space, including LUNA, Three Arrows, Celsius and FTX. A multi-month bearish trend can be challenging for crypto investors, who’re mostly hoping for a long-term increase given Bitcoin’s deflationary model. A ...