Bitcoin’s sub-$40K range trading and mixed data reflect traders’ uncertainty
The market gave up last week’s gains from Bitcoin’s surge to $45,000, but derivatives metrics suggest retail traders are more bullish than market makers and whales. The phrase “hindsight is 20/20” is a perfect expression for financial markets because every price chart pattern and analysis is obvious after the movement has occurred.For example, traders playing the Feb. 28 pump that took Bitcoin (BTC) above $43,000 should have known that the price would face some resistance. Considering that the market had previously rejected at $44,500 on multiple instances, calling for a retest below....
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Derivatives data shows increased demand for margin longs, contradicting traders’ perception that further downside is in store for Bitcoin. Bitcoin (BTC) lost 25.4% in 48 hours, bottoming at $15,590 on Nov. 9 as investors rushed to exit positions after the second-largest cryptocurrency exchange, FTX, halted withdrawals. More importantly, the sub-$17,000 levels were last seen almost two years prior, and the fear of contagion became evident.The move liquidated $285 million worth of leverage long (bull) positions, leading some traders to predict a potential downside of $13,800.What an exciting....
Bitcoin trading has been holding price between technical constraints just above $400. The option of moving out of this range has been tried to the upside and down, recently, without igniting a meaningful trend. Classic(TM) dithering and consensus breach may be unnecessary, after all. After trading bitcoin price above $300 in October – and briefly attaining the mid $500s – the price chart has been consolidating in a narrowing range. During 2016, the range has narrowed to the chart area between $350 and $450 – a range wherein price is currently trading at the midway level near $400. A....
Bitcoin is currently trading within a well-defined range, fluctuating between its all-time high of $109K and range lows around $89K. The market remains highly volatile, with uncertainty dominating sentiment as traders await a decisive breakout. Both bulls and bears are battling for control, and Bitcoin’s next move could set the tone for the broader market […]
It’s been a bumpy ride for the crypto market this week, but there’s a silver lining on the horizon as it retested the $4T market cap. A mix of stronger-than-expected US GDP data and Fed uncertainty has driven market movements over the past 24 hours. We’ve observed the market’s resilience and traders’ continued optimism despite […]
Bitcoin’s price action has been flashing mixed signals to investors, as its price has been caught within a wide trading range between $10,200 and $11,200 as buyers and sellers battle for control of its near-term outlook. The cryptocurrency’s inability to post any sustainable upswing indicates the strength that sellers have at the present moment, which […]