A prominent encryption analyst said this Bitcoin It has gone through an important event over the past few months, with a decrease in the open currency of the currency by about 20 %, erasing about 12 billion dollars.
Wipeout may seem open attention to BTC is harmful to the coin, but the Cryptoquant Darkfost analyst thinks that Purification is necessary In order to “continue ascending”, noting that it may provide opportunities for its investors in the short term if the date is repeated.
This incentive, which is about $ 12 billion earlier this month, may be just a catalyst for the asset to restore its upward momentum, according to an encryption analyst.
incentive
Data from Coinglass He explains that the open interest of cryptocurrency decreased by 19 %, from 61.42 billion dollars to 49.71 billion dollars, noting that the 12 billion dollars tremors may be a good thing for Bitcoin.
Darkfost said: “In the wake of the last panic resulting from the political instability associated with Trump’s decisions, we have seen a huge liquidation of the sites of Bitcoin.”
Source: Coinglass
The analyst said that more than $ 10 billion of open interest was erased in just two months, as an estimated $ 10 billion was eliminated between February 20 and March 4.
Darkfost claimed that the Wipeout of BTC earlier this month could serve as a catalyst that the currency needs to restore the momentum that will allow the encryption to move up.
“This can be considered as the reset of the natural market, which is an essential stage to maintain the continuation of the rise,” the analyst explained.
Good opportunities
Darkfost suggested that Bitcoin’s recent ordeal may be useful for encryption in the next few months.
The analyst provided a scheme that explains the stages of reset by identifying the moments when a 90 -day open interest changes to negative, adding that the current change for 90 days in open future decades has decreased and now sits by -14 %.
“Given the historical trends, every past in this provides good opportunities for the short -to -medium extent,” the analyst added.
Federal reserve effect
Some experts said that the actions of the Federal Reserve may have an impact on what will happen next to Bitcoin.
Today’s Federal Open Market Committee meeting can add more fluctuations to encryption if something unexpected in monetary policy.
Bitgin Lee’s chief analyst at Bitcoin is already hovering at the level of $ 80,000, and more fluctuations in currency and open interest may expect if the Federal Open Market Committee meeting on March 19 provides any surprises.
“The market expects to a large extent that the Federal Reserve will maintain steady rates, but any unexpected loud signals can put pressure on bitcoin and other risk assets,” he told me.
As of the time of the press, Bitcoin’s open interest was 49.02 billion dollars, which is approximately 6.5 % over the past five days.
Distinctive image from The Independent, the tradingview chart
Editing process For Bitcoinist, it is focused on providing accurate, accurate and non -biased content. We support strict resource standards, and each page is subject to a diligent review by our team of senior technology experts and experienced editors. This process guarantees the integrity of our content, importance and value of our readers.
