Over the past 24 hours, the Bitcoin news section of our website showed that the most dominant cryptocurrency managed to retrace its value and go from $4,000 to $4,500, rising 12% in what many saw as a last attempt to recover from the downward trend.
After two weeks of massive selling action, Bitcoin surged as much as 7% initially – establishing an intraday high of $4,645. Later on, the price consolidated above $4,500 which is where it still stands.
As experts say, the chances of a further bull correction are slim – mostly because of the trading activity at BitMEX. The derivatives platform currently dominates the Bitcoin trading volume and has so far processed around $5.3 billion worth of trades. In short, the action shows that traders are willing to short their Bitcoins in the future markets which could lead to an extension of the current downward trend.
As Bitcoin consolidates, many believe that it could test the $5,000 level in a new recovery. Similarly, a bounce back from the support could also lead Bitcoin to the $4,000 price margin or easily below it. However, the $65 billion that was wiped from the crypto market certainly allowed Bitcoin to take a beating – and as we said – any chances of a recovery are slim now.
As always, our advice is to trade safely and monitor the price action on our DC Forecasts Bitcoin news site!
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“On-chain momentum is crossing into bullish [territory]… The bottom is most likely in, any [move] lower will be just a wick in the macro view,” Woo said.There is also Glassnode, which is a crypto centric on-chain intelligence firm which recently noted that their metrics suggest that Bitcoin is bottoming and is slated to revert higher in a "strong" fashion. It is the Market Value to Realized Value (MVRV) which is implying the above mentioned, as well as showing that the crypto asset investors are believing in the topic. A reading of this would mark a bottom for the cryptocurrency market soon, too. At press time, Bitcoin is trading at $7,563 while the total market cap is $204 billion and the trading volume sits at $49 billion.
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“Bitcoin is winning the adoption race among crypto assets and is becoming increasingly scarce, which favors price appreciation. Plenty can go wrong with a nascent asset, but unless the basic premises reverse, there’s a higher probability to sustain price appreciation vs. Depreciation.He also tried to support the main idea that the halving event will act as a negative supply shock for the marketplace on the simple supply and demand economics.
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