Bitcoin is still a volatile asset, despite its ability to maintain investor confidence at levels above $90,000. shift in market sentiment.
CryptoQuant Analyst, G A a H, shared a recent article. insights This could be a warning to traders that the selling pressure is increasing. At the core of this analysis is the delta between buy and sell taker volumes—a key metric used to gauge the market’s behaviour.
Bitcoin faces increased selling pressure
The analyst believes that buy/sell ratio has now reached levels equivalent to those of July 2024. The analyst believes that this is a time of increased selling, which can be attributed to investors taking profits, uncertainty in the market, or massive liquidations.
Analysts noted these events coincided with a rise in volatility, and more aggressive trading in the futures markets. It is noteworthy that $430 million worth of long positions was liquidated in a matter of a week.
G a A h revealed also that the price of Bitcoin has been affected by the significant effect liquidation long positions had on its behaviour. Long positions reached their fourth highest peak in 2024.
These liquidations often have a large impact on the economy. “redistribution of capital,”CryptoQuant’s analyst said that temporary price swings driven by liquidation can also lead to consolidation or reversals. These liquidation-driven movements in price have historically also been pivotal, whether reinforcing support levels To trigger further selling.
BTC traders: Precautions and Outlook
Analysts have warned of the dangers that prolonged selling pressure may cause. negatively influence Bitcoin’s short-term price trajectory. For investors who are trying to manage these conditions, it is crucial that they monitor market indicators constantly and practice risk management. G a a h added:
Defensive strategy [such as reducing leverage and setting stop-losses] It’s important to keep a close eye on the market during these times of intense selling pressure.
Bitcoin continues to perform well. The asset’s value has gone up by 1,6% in the last day. price above $97,000. Bitcoin’s market is bullish despite its 2.7% drop from the all-time (ATH) high of $96,445
According to recent analysis from renowned crypto analyst known as Javon Marks on X, Bitcoin’s 2-hour time frame on the chart has “confirmed”A bullish sign that is notable. The rally towards the $100,000 mark is imminent, and the target price at the moment is $116.652.
#Bitcoin (BTC)’s 2h chart has confirmed a high conviction signal for a full recovery and continuation!
Imminently, you can expect to see a move above $100,000.
The current target remains at $116.652. pic.twitter.com/7ifdmnuR8d
— JAVON
MARKS (@JavonTM1) November 28, 2024
Chart created by TradingView, DALL-E.
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Source: www.newsbtc.com
