David Valeris, a respectable encoder analyst, has I mentioned It is still optimistic about the leading cryptocurrency despite the dramatic decline that occurred on Tuesday.
Valliers is convinced that the S&P 500 has not yet reached a new record. He believes that bitcoin is likely to move alongside the main index based on the high connection between the two.
The largest encrypted currency collapsed to $ 8,5445 earlier today, reaching the lowest level since November. It has now decreased more than 10 % during the past week, currently being traded by about $ 86,148.
Khattian outflows
As U.today mentioned, the last decrease was accompanied by huge Bitcoin ETF flows. These products are now on the right path to record their worst weekly flows ever.
However, some analysts have reduced the severity of these external flows.
“On the bright side, that is, less than 2 % of the assets, ten cents of nickel, given the withdrawal of clouds, more than 98 % of the money roaming. As I said, two steps of two steps will be one step,” Eric Balunas said on social media.
Does the bull end?
According to the “fear and greed” index, the market is currently in a state of “extreme fear” with 21 points out of 100.
According to Weiss Crypto, the unit that focuses on encryption from Weiss Ratings, the recent decline to the main support levels does not mean that running has ended.
However, if these levels are separated with confidence, the market participants may have to wait for a longer period “until the encryption rally resumes.
