Bitcoin (BTC) price It continues to linger below $64,000 and altcoins are red again today. As a result of profit taking in the upward attempts, BTC faced rejection from resistance again. The tiring process still does not seem to be over. Some data suggests that the disappointment in crypto may continue for a while.
Why Isn’t Bitcoin Going Up?
Powell He said nice things and Trump has fully embraced crypto. The Mt Gox sale is over, but despite many good news, BTC is still below $ 65,000. The fact that the $ 65,000 resistance, which has been tested twice since August 23, has not been overcome again indicates that the consolidation process may continue. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
Stock Exchange Reserves
This may be one of the obstacles to the expected rise. According to CryptoQuant data, exchange reserves have increased by 2,000 BTC since last week. Since the inflows in foreign exchange reserves have also weakened, the lack of buying pressure in the market is more clearly evident. This situation is a significant obstacle to the desired rise in cryptocurrencies.
Bitcoin Liquidity Indicator
Trials to $65,000 resulted in liquidations of $140 million and $52 million short positions. However, BTC price There is a larger accumulation of long liquidations between $63,000 and $60,000, which suggests that the price may go down to clear them. Moreover, the intensity of BTC bid liquidity has also retreated. Data on the futures side suggests that volatility may continue and the risk of a possible downside.
Long and Short Ratio
To monitor market sentiment, futures expectations are followed. Here, those expecting an increase open long positions, while those expecting a decrease open short positions. Currently, 51.06 percent of open positions consist of short sales. BTC The 10 percent recovery in the price did not discourage short sellers as expected.
Historical Data
Bitcoin When the data of the last 10 years is examined, the average earnings in the third quarter are 6 percent. The strongest earning period is the fourth quarter with 88 percent and then the first quarter. Compared to other months, August and September are not periods that bring much profit to investors.
If we see a strong upward move over the next 30 days, it will be outside of the historical trend. This is not impossible as BTC has broken many historical patterns.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
