Key Bitcoin price metrics say BTC bottomed, but traders still fear a drop to ...
On-chain and technical analysis indicators suggest BTC price may have bottomed, but several traders are still wary that BTC price could fall as low as $10,000 in the short-term. The crypto market is currently going through a period of heightened volatility as global economic conditions continue to worsen amid a backdrop of rising inflation and interest rates. As the headwinds impacting global financial markets beat down all traces of bullish sentiment, many crypto investors are predicting that Bitcoin (BTC) price could drop to as low as $10,000 before a market bottom is found. BTC/USDT....
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Crypto analyst Leshka has explained why it is unlikely that the Bitcoin price has bottomed even as it continues to attempt a recovery above $70,000. His analysis also aligns with predictions from analysts such as Doctor Profit, who predict that BTC could still drop to $40,000. Analyst Explains Why Bitcoin Price Hasn’t Bottomed In an X post, Leshka noted that the Bitcoin price has never bottomed after a drawdown of just 47%. He further remarked that every bear market in history saw at least 78% drawdown from the top. BTC notably saw drawdowns of around 87%; 84%; and 73% in 2013, 2017, and....
Two key Ethereum price metrics have yet to turn bearish, but it won’t take much to trigger an ETH drop below $1,000. Ether (ETH) price is down 37.5% in the last seven days and recent news reported that developers decided to postpone the network's migration to a proof-of-stake (PoS) consensus. This upgrade is expected to end the dependency on proof-of-work (PoW) mining and the Merge scalability solution that has been pursued for the past six years.Competing smart contracts like BNB, Cardano (ADA) and Solana (SOL) outperformed Ether by 13% to 17% since June 8 even though there was a....
Is it time for a correction after ETH rallied 34% in two weeks? On-chain metrics and derivatives data say yes. Investors tend not to complain about a price rally, except when the chart presents steep downside risks. For example, analyzing Ether's (ETH) current price chart could lead one to conclude that the ascending channel since March 15 is too aggressive.Ether price at FTX, in USD. Source: TradingViewThus, it is only natural for traders to fear that losing the $3,340 support could lead to a retest of the $3,100 level or a 12% correction down to $3,000. Of course, this largely depends on....
Bitcoin price has yet to reclaim the $50,000 level, but the actions of options market makers and margin traders at Bitfinex suggest the most recent correction is over. Bitcoin (BTC) has been struggling to sustain the $47,500 support since the Dec. 4 crash, a movement that wiped out over $840 million in leveraged long futures contracts. The downside move came after the emergence of the Omicron variant of the Coronavirus and recent data showing U.S. inflation hitting a 40-year high. Bitcoin/USD price at FTX. Source: TradingViewWhile newcomers might have been scared by the 26% price....
Data shows the Bitcoin Fear & Greed Index has slipped back into the fear territory following the crash in the cryptocurrency’s price. Bitcoin Fear & Greed Index Suggests Investors Now Fearful The “Fear & Greed Index” refers to an indicator created by Alternative that tells us about the average sentiment present among traders in the Bitcoin and wider cryptocurrency markets. Related Reading: Bitcoin Falls Below $113,000, But This Indicator Says It’s Time To Buy The index uses the data of the following five factors to determine the investor mentality: volatility, trading....