Crypto analyst claims that Bitcoin price charts indicate further downward movement after Monday’s slight tumble. Bitcoin dropped 2.6% within 24 hours.
“Quite ugly daily candle,” MN Trading Capital founder Michael van de Poppe said In an X-post on Monday after Bitcoin (BTCWithin a 24 hour period, the value of ) decreased by 2.60%. It went from approximately $122,200 down to about $119,000
After Bitcoin’s surge on Monday, investors were hoping to see a new high.
Bitcoin could be headed lower before going higher
Bitcoin’s price has dropped slightly since van de Poppe published his post. It was trading at $118.881 as of the publication date. according Nansen,
“Wouldn’t be surprised if we’ll test $116.8K before continuing,” van de Poppe added.
CoinGlass data shows If the price of Bitcoin were to drop another 1.75%, approximately 1,63 billion dollars of Bitcoin-long positions would be at risk.
“It has taken all the liquidity on the highs and immediately inversed toward the range high resistance,” van de Poppe said.
Bitcoin rose over 3% on Monday to reach $122,150. This is a positive development after the high level of optimism that was seen in early Sunday morning. Bitcoin has now moved closer to the $123,100 record-breaking high reached by Bitcoin back on July 15th. Some traders speculated that it would soon hit new highs.
Rekt Capital is a crypto trader. said When? “If Bitcoin is able to convincingly break ~$126,000, then chances are the price will go a lot higher and quickly.”
This comes a mere month after Rekt predicted that Bitcoin would only last a few more months. price expansion left in the cycleIt is especially important if the pattern of 2020 continues.
Bitcoin’s popularity remains strong despite price fluctuations
Bitcoin’s market sentiment is still high, despite a slight drop in the price.
Crypto Fear & Greed Index Still holding at 68. “Greed,” Crypto assets such as XRP are still a good investment.XRPSolana (SOL( ) fell by 3.94% and 5.90%, respectively.
On Monday, the spot Bitcoin ETFs (exchange-traded funds) saw a fourth day in a row of positive cash flows of $178.1 millions. according Farside Data.
Related: BTC price to fill $117K CME gap? 5 things to know in Bitcoin this week
Ether could see a rise in Bitcoin’s price in the short term.ETHAccording to, traders start cashing out their profits and rotating money back into Bitcoin. Jan3 founder and Bitcoin maxi Samson Mow
Mow says Ethereum investors are likely to switch from Ether back to Bitcoin as soon as the price of ETH reaches a high level. This could reverse a recent five-week increase in Ether.
But not all agree. Tom Lee, the co-founder of Fundstrat said on Thursday that Ether was having its time. “Bitcoin 2017 moment” Its current price, $4,300, may rise to as much as $16,000. This represents a roughly 272% increase.
Magazine: How Ethereum treasury companies could spark ‘DeFi Summer 2.0′
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Source: cointelegraph.com
