‘Everyone’s scared’ despite Bitcoin climbing past the $80K level – Here’s why

After struggling to break past the resistance level at $65K, Bitcoin [BTC] finally crossed the $80K price threshold. However, at press time BTC was changing hands at $78,075.19 after over a 2% drop in 2 days.

This pushed ​​MSB Intel to throw light on the fact that Bitcoin has historically spent very little time trading above $70,000. For its part, Bitcoin has 4,364 days of recorded daily closing prices. In this, only 12.7% of those closes were above $70,000.

This means that roughly 555 days of Bitcoin’s history had a daily close above that level.

Therefore, if looked at from a different lens for about 87.3% of its history, Bitcoin closed below $70,000. Yet, this in no way means that Bitcoin is overvalued or due for a correction.

Instead, it means that as Bitcoin’s price has risen over time, and levels that were once exception are now becoming the new normal.

Does this current rally above $80K look like a trap?

However, the story doesn’t end there. Though Bitcoin’s current market size looks enormous in isolation, it becomes much smaller when compared with the size of other major global asset markets.

As per the chart, gold’s total market value is roughly 20 times Bitcoin’s, global equities are around 100 times larger, and global real estate is more than 250 times larger.