This ongoing downward trend, which has seen Bitcoin lose nearly 5% over the past two weeks, is causing concern among investors and traders alike.Amid these fluctuations, notable crypto analysts are weighing in with varied perspectives.“There’s a chance our $BTC bottom is in with this SFP…Yes, we can still technically go lower…but it would not surprise me to see that zone front run.
“I think $66K – $67K is the key area to gauge if there’s ongoing absorption, else lower prices will come with price bleeding.” He also mentioned that the presence of spot premiums and low funding rates could be a positive sign, indicating potential for a market recovery.from Coinglass revealed that in the past 24 hours alone, about 173,662 traders were liquidated, leading to a total of $456.43 million in liquidations, with Bitcoin traders accounting for $70.24 million of this amount.Despite these challenges, there was a silver lining in the form of increased new user activity on the Bitcoin network.
This resilience among Bitcoin holders, coupled with the potential accumulation at lower price levels, could set the stage for a future rally, underscoring the complex dynamics at play in the cryptocurrency market.Samuel Edyme works as a freelance cryptocurrency journalist, with a special focus on market analyses and the real-world implications of the nascent crypto-market.Subscribe to get it daily in your inbox.
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: CryptoAmb - 🏆 22. / 68 Read more »
Source: CryptoAmb - 🏆 22. / 68 Read more »
Source: CryptoAmb - 🏆 22. / 68 Read more »
Source: CryptoAmb - 🏆 22. / 68 Read more »
Source: CryptoAmb - 🏆 22. / 68 Read more »