The Bitcoin market is mired in uncertainty. This is the conclusion reached by the head of the analytical resource CryptoQuant Ki Yang Joo. According to him words, the market is stuck in a neutral position when it is not clear whether a bearish or a bullish trend has come.
$ BTC market is very uncertain right now.
Whale selling indicates a bear/fake-bull market, and retail selling implies a bull market. We’re in neutral now.
Stop trade, be patient and wait for the next volatility. pic.twitter.com/obXS6eFBGN
– Ki Young Ju 주기영 (@ki_young_ju) June 18, 2021
For example, as you can see in the graph above, the whale surrender index began to rise slightly again. However, it is not yet clear whether the whales have really started to liquidate their positions in bitcoin or not. According to Ju, traders should stop trading and be patient until the market situation becomes clear.
However, analyst Willie Wu has a radically different opinion. For example, according to his opinionThe network value of transactions (NVT) indicator is still signaling a bullish trend.
NVTS is a short range indicator and does not pick macro. For that you need NVT Ratio. It’s a bull market still. pic.twitter.com/pDNOAcmSvX
— Willy Woo (@woonomic) June 17, 2021
Recall that the NVT indicator, created by Wu himself, describes the relationship between the volume of bitcoin transfers and the market capitalization of a cryptocurrency. The indicator shows the overbought and underutilization of bitcoin.
However, users have noticed that the NVT indicator does not always correctly reflect the market situation. For example, against the background of the bearish market in 2018, the indicator also showed exclusively bullish sentiment. Users doubted that the indicators of the past will be repeated this time too.
Meanwhile, Babel Finance CEO Flex Yan believes the Bitcoin market is flooded with highly leveraged sellers. Such a situation, according to Ian, is dangerous with a short squeeze followed by a sharp jump in price.
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