BTC’s market value fell below 600 billion U.S. dollars
The world’s most valuable digital asset has lost about 6% of its value in the past 48 hours, and its total market value has fallen below US$600 billion.
Bitcoin is currently trading at $30,500, which is close to its lowest level since June 26, 2021
After the recent sell-offs of Bitcoin and Ethereum, the overall market value of digital currencies hit a low of $1.27 trillion on Monday. In the past 48 hours, ETH remains the worst performing cryptocurrency among the top 5.
Ethereum is now down about 10% in the same time frame.
The rules are simple-Bitcoin leads, and altcoins (including Ethereum) follow with higher volatility. So far, there is no reason to expect that this rule will change.
In this seemingly endless horizontal range, the interest rate of Bitcoin futures financing has been in a negative area. This means that a large number of derivatives traders confidently expect prices to fall.
According to the above data, BTC/USD continued to oscillate within a range and consolidate within the lower limit area close to $30,000. Historically, few months of bearish and negative financing rates have been resolved as a downside situationThe same can be said for the opposite situation.
In fact, the crowd is often incorrect in short-term movement, but it is correct for a long period of time (hence the saying, “the wisdom of the crowd”).
Will this be such a moment?
Short squeeze loading
As various traders and influencers have pointed out, the weekly closing price of BTC/USD is below the 20-week moving average (not to be confused with the index MA)-this indicates a bearish trend in the weekly time frame. However, the closing price was negligible, leaving room for explanation. This makes the indicator less important and awaits further confirmation.
If the range remains the same, then liquidity will remain up, and $33,500 is the first point of interest for the bulls. The environment within this range will not discount the potential clearing core (4 hours) to the 20-month EMA of $27,140. In my opinion, considering the capital interest rate situation, this situation is unlikely to happen.As mentioned before communication, The GBTC unlocking story was exaggerated and failed to be realized in the end of the world scenario.
Can the Bitcoin bulls succeed, or will the bear market continue in the coming weeks?
Time will tell us.
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