gtag('config', 'G-0PFHD683JR');
Bitcoin

Does bitcoin end? Market standards say that the worst has ended

Bitcoin (BTC) has been combined over the past few days after a large correction resulting from geopolitical tensions last week. As monotheism continues, analysts at Crypto Exchange Bitfinex found reasons for the belief that digital assets may have reached their bottom for this correction.

According to the latest bitfinex alpha a reportThe behavior of the market, historical data and some standards, such as the size of Taker Net Bitcoin, indicates that the correction may not extend beyond what it was already.

BTC interacts with geopolitical tensions

Last week, BTC started a strong rebound and recovered from its lowest level. Assets have regained the main support levels about their previous height (ATH) of $ 109,900, which represents a profit of 4.7 % of the weekly open. This was supported by a temporary stopping of profit achieving and improving market morale.

However, things took a turn to the worse after increasing tensions in the Middle East and attacked Israel. BTC witnessed a decrease of 7.33 % of the peak to the pelvis, and has lost many of its early gains amid the increasing uncertainty in the market. The cryptocurrency ends 0.09 % despite the previous gains.

“The rapid reflection highlights the fragility of the market in the face of external shocks, and confirms the extent of the speed that the feelings can turn even during the strong direction conditions. This week, all eyes are on the overall news flow and whether BTC can maintain support over the area of ​​103 to 105 thousand dollars,” “BitFinex was identified.

Is below?

While global markets continue to respond to the effects of continuous geopolitical tensions, Bitcoin faces an increase in the sale activity. This is evident in the net size of Taker, a measure that measures the balance between market purchase and sale. The index has decreased to -197 million dollars, which is its most negative level since June 6, indicating that traders empty BTC at market prices instead of waiting with negative bids.

These low readings coincided with the net size, especially below, $ 1660 million, with the local BTC bottom. This is because panic sells the exhaust participating in the market, allowing the largest players to assemble the original.

Another reasons for the belief that BTC has reached its bottom for this decline is that the size of this decrease is closely in line with the average cycle of approximately 7 %, which is neither extreme nor anomalous. Analysts say this reflects the stage of health unification during the continuous upward trend rather than a deeper structural correction and is likely to recover BTC soon.

Special offer (sponsored)

Binance Free $ 600 (Full Details).

Limited offer for Cryptopotato readers in Bybit: Use this link to register and open a $ 500 free site on any coin!

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button