According to a report by TechFlow TechFlow on February 10th, Cointelegraph quoted MN Capital founder Michaël van de Poppe as saying that current sentiment is similar to that of the 2018 bear market and the March 2020 crash, potentially signaling a market bottom. CoinGlass data shows that over $5.45 billion in short positions could be forced to close as prices rise, providing momentum for a rebound. However, Bitcoin is still trading below its 50-day and 200-day moving averages, with increasing selling pressure in the derivatives market. Some analysts warn that prices could fall to $57,000 or even $42,000. The market is watching to see if Bitcoin can hold the key support level of $60,000.
Analysts predict Bitcoin prices could fall to $57,000 or even $42,000.
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