Metrics suggested the market hasn’t bottomed yet in light of the persistent sell-side pressurewith its price dropping below the critical $60,000-level too. However, following significant corrections, the coin recovered on the charts to trade at $63,167 at the time of writing.
BTC’s 6% hike over a period of just 24 hours points to a potential reversal in the cryptocurrency’s market trajectory. Needless to say, this has renewed a sense of optimism among investors and observers alike.As volatile as Bitcoin may be right now, however, many execs believe this is an opportunity too. Specially, some see this as a good buying opportunity.
Additionally, Bitcoin’s Network Realized Profit/Loss data, which measures the difference between the last moved price and the current market price, also failed to show signs of a price bottom.Ergo, both metrics contradict the sentiments shared by Lee and others, suggesting that the market may not have reached its bottom yet.Ishika is a graduate of Political Science from the University of Delhi.
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