Traders anticipate a deeper drop for bitcoin in the coming weeks, despite a strong equity market and favorable U.S. crypto policies, pointing to selling activity from miners and general profit taking.
"Bitcoin continues to test the strength of the 50-day moving average, but it doesn't find enough reason to dive lower. Such persistent testing of the lows sets the bears up for quick success with their next target at $60,000," he added. "The increasing net BTC outflows from miners do not necessarily put pressure on the price of bitcoin. However, prices tend to stagnate," analysts added.
Coin Coin Latest News, Coin Coin Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: FXStreetNews - 🏆 14. / 72 Read more »
Source: Crypto_Potato - 🏆 568. / 51 Read more »
Source: Crypto_Potato - 🏆 568. / 51 Read more »
Traders say Bitcoin price correction a ‘fake out’ before the next leg upBitcoin price drops to $66,000, liquidating leveraged longs and retesting a key support level.
Source: Cointelegraph - 🏆 562. / 51 Read more »
Source: CoinDesk - 🏆 291. / 63 Read more »
Bitcoin open interest goes meteoric; traders now warn of a ‘whipsaw’Bitcoin’s Open Interest rose over $2 billion in just three days, an indicator that a whipsaw price event is likely, says traders.
Source: Cointelegraph - 🏆 562. / 51 Read more »