 ▲ Bitcoin (BTC) |
Last night, Bitcoin (BTC) fell below $66,000, raising concerns about a bear market.
Blockchain NewsBTC cited data from CryptoQuant, citing bearish sentiment as the Bitcoin Taker Buy Sell Ratio indicator, an indicator that tracks the balance of buy and sell orders within the exchange, recently fell. He explained that it appeared.
On the 17th (local time), the Bitcoin market buy/sell ratio appeared to have rebounded on some exchanges. However, the overall market weakness is still evident, making it difficult to expect a recovery.
TedTalksMacro, a well-known analyst within the cryptocurrency community, said, “If Bitcoin cannot defend the $66,000 support line, sellers will strengthen their position in the market and bulls will have no choice but to liquidate quickly.” “This week is very important for maintaining short-term trends in Bitcoin and the cryptocurrency market in general,” he said.
The performance of Ethereum (ETH) compared to Bitcoin was also mentioned as another factor to pay attention to in the short-term trend of Bitcoin price.
TedTox Macro believes that Ethereum is likely to catch up with Bitcoin's performance amid the forecast that Ethereum spot exchange-traded fund (ETF) trading will begin on Wall Street, and is one of the important variables in the cryptocurrency market to watch over the next few days. reported.
Jelle, a popular cryptocurrency trader, raised the possibility of a further decline in Bitcoin, saying, “The bearish trend has continued since the Asian opening hours on the 17th, and there is no trend to expect an upward reversal even after the US market opens.”
On the other hand, another analyst, DonAlt, argued on his personal YouTube channel with 59,900 subscribers that Bitcoin has completed the price consolidation phase and is preparing to break through to an all-time high.
He explained that Bitcoin has been weak compared to the stock market, so the overall cryptocurrency market has not been able to respond smartly to the price despite positive development results. However, the fact that last week's closing price was higher than the support line was presented as evidence for maintaining upward momentum.
In particular, it was believed that whether Bitcoin breaks its all-time high depends on the S&P 500 index. He predicted, “With the S&P 500 index recording an upward trend, I believe Bitcoin can go beyond its good performance record and even break its all-time high.” He predicted, “The Bitcoin market’s dependence on the S&P 500 index will continue in the future.”
