A CryptoQuant analyst has revealed that Bitcoin still faces the risk of a deeper price correction even as the halving event draws near.by Gaah on the on-chain analysis platform, the crypto market is still hot as it is in a dangerous price region for leveraged traders. Significant pressure could trigger a correction that would break bitcoin’s current price structure.around the middle range, signaling that investors have a neutral sentiment in their interest in new positions.
“It’s a dangerous price region for leveraged traders and if pressured could trigger a deeper correction breaking the current price structure. This would take the Open Interest range down to the lower band, the Region of Extreme Fear, marked in red on the chart,” Gaah stated.Moreover, the general market sentiment is euphoric, as seen in the Bitcoin futures market funding rates, which are currently high in the upper range.
Gaah’s analysis comes as BTC recovers from a decline in the last three weeks. The cryptocurrency has plummeted from an all-time high of $73,700 recorded on March 14 to less than $62,000. Earlier this week, the asset found its way back to the $70,000 range and has remained around that level. However, it fell further in the past few hours to $69,300 at the time of writing, per
Meanwhile, CryptoQuant disclosed a couple of days ago that a high demand rate from large BTC investors would be the key driver of the asset’s post-halving rally, as the effects of the quadrennial event have been diminishing.AI Will be One of those Areas Where Blockchain has Genuinely Improved: Flare Network’s CEO Hugo Philion One Weekly Email Can Change Your Crypto Life.Disclaimer: Information found on CryptoPotato is those of writers quoted.
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