Do Bitcoin Back Bearish? 5 Things to Watch This Week - Bitxcon
Name Price24H (%)
Bitcoin (BTC)
$50,455.00
-1.34%
Ethereum (ETH)
$4,365.98
-0.80%
XRP (XRP)
$0.84
0.76%
Litecoin (LTC)
$167.28
4.47%
Do Bitcoin Back Bearish? 5 Things to Watch This Week
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Do Bitcoin Back Bearish? 5 Things to Watch This Week

Bitcoin (BTC), opened this week on a precipice. Bitcoin prices have broken records, but investors are not surprised. Because that’s what often happens to crypto coin prices, and also under certain conditions the price can go up and down or from rising suddenly back down which is called back bearish.

Bitcoin’s price now is just below $45,000 The average price is even lower.

BTC witnessed a slight paradigm shift last weekend. Here are five things that can help traders like you anticipate your next move.

Stocks rebound

Stocks will likely outperform this week due to increased selling pressure resulting from the falling value of bitcoin back bearish.

“We will continue to work on and expect that equities will bounce this week. We will offer some relief for Bitcoin. The world still views Bitcoin as an asset and a danger. Nearly all Bitcoin corrections in 2021 correlate with a S&P500 adjustment of -2%, or more.” Charles Edwards is Capriole’s CEO & investment manager.

The relationship of BTC to macro trends and overall BTC has been questioned more frequently over the past year. The storm’s effect on the system still continues to impact the rise or fall of prices of bitcoin back bearish.

This is exactly the same as what was proved by the virtual summit held by Federal Reserve Jackson Hole in September.

Spot Price Continues to Fall Below the Bullish Metric

According to forecasts, the macro move could spell doom for Bitcoin’s price this week.

After a chaotic weekend, Bitcoin’s volatility may drop to $45,000 this Sunday.

Spot traders taking greater cover on the downside means that there is no greater gap between on-chain metrics (adoption phenomena) and prices.

Moskovski Capital CEO Lex Moskovski said, “Stablecoin liquidity continues to increase, bitcoin on the exchange has hit a 3-year high.”

Moskovski said that macro markets began the week in a green zone. In order to be clear, Stablecoins should not be used as shorting collateral.

According to reports BTC is currently trading at approximately $43,000 to $38,000. However, a rebound from this level is possible, although it is below the important moving Averages.

Bitcoin has had a history of cryptocurrency poor September, so it is likely that the BTC price rise will begin in October.

BTC could still exceed 100k by year’s end.

Looking Back to 2017

It’s not all doom, gloom, and destruction this month. It is easy for traders to be downhearted about the September phenomenon. However, it would be great if we could look back together in 2017.

Decentrader data showed that BTC in 2020 is on track for the year following the block subsidy reduction.

The chart shows how May’s win in mining reverses progress.

Bitcoin was previously lower between 2013-17, and this trend has continued back to bearish.

Cointelegraph reported that the “double top” phenomenon continues to be an analyst bet as to how Bitcoin will end in 2021. This is similar to 2013 and 2017.

Price Bitcoin All-Time Record:

Investor behavior is the main feature that separates last week’s price fall environment from the previous. This is where everyone continues to buy.

Contrary to panic in March 2020, there was no panic last week as oversupply was put into the markets by speculators, who were eagerly buying up the other.

Willy Woo, a statistician from Singapore, claims that all Bitcoin investors have either added to or voted neutral in the recent volatility.

“Publicly held reserves are declining, particularly exchanges/ETFs. Companies are adding to them.”

Similar data supports the claim that Bitcoin supply is in greater demand than ever before.

William Clemente, an analyst, pointed out that the week before had little or no impact on the trader behavior.

“93% have not seen any movement in Bitcoin supply for at least the past month. This is an unprecedented high. “This is another metric that highlights how bullishly the supply dynamic” commented Woo, citing Glassnode information.

Crypto Fear & Greed Index

Everything changes to gauge investor sentiment.

A drop to $42,800 has reduced the reading from the “Greed Indicator” to “Crypto Fear”, a zone of sentiment that lasted well into Sunday.

However, the Index did add some “Greed Indexes,” as the weekend was coming to an end. However, actual price action dropped further.

Fear & Greed ranked 44/100 at the time of this Monday’s review. Still in the Fear Region. BTC is currently trading below $45,000

So, although the funding level across all the exchanges is slightly positive, it doesn’t ignore the possibility that a “short-squeeze” could increase price performance.

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