Moreover, if Bitcoin rebounds to $63,700, it could trigger short liquidations worth $57.85 million, potentially driving the price higher. However, on Thursday, June 28, the market will witness 104,000 BTC options expiry with a notional value of $6.72 billion. The max pain point is set at $57,000, suggesting a bearish investor sentiment. Moreover, Federal Reserve’s PCE inflation data on Friday could also accelerate volatility in the market.
The popular on-chain analytics firm 10X Research has highlighted concerns over Bitcoin’s current performance. Their analysis suggests that Bitcoin is facing a critical phase, marked by decreasing liquidity and increased market apprehension.
A recent post by 10X Research on X shows a price chart indicating a possible drop to $50,000 or even lower to $45,000. They cautioned investors about the potential risks of a “double top” formation, a chart pattern that often precedes a significant price drop.
Meanwhile, this pattern indicates that Bitcoin, after failing to surpass a key resistance level, may have reached a peak and could be headed for a steeper decline. “As Bitcoin continues to struggle, liquidity is drying up,” they noted.
Several external factors have contributed to Bitcoin’s sluggish performance recently. The Bitcoin Fear and Greed Index, a tool that measures market sentiment, has dropped to 30, indicating a prevailing sense of fear among investors. This is the lowest level since September 2023, reflecting growing concerns about the market’s direction.
Adding to the uncertainty, the long-defunct crypto exchange Mt. Gox announced that it will begin repaying creditors in Bitcoin and Bitcoin Cash starting next week. This development is a significant step in resolving issues that date back to Mt. Gox’s collapse in 2014.
發表於 2024-5-14 20:11:03
收藏
樓主