On the largest exchanges, the bitcoin rate this morning fell below $ 53,000. At the time of publication, the first cryptocurrency was able to rise to $ 53.8 thousand, a decrease per day of 3.3%.
The price rollback is taking place against the backdrop of increased selling pressure – the largest bearish candlestick by volume on the four-hour chart was seen today in more than a week. Key Yong Joo, CEO of analytics platform CryptoQuant, says blockchain-level data indicate “a lack of buying activity in terms of dollar and stablecoin inflows into the spot market.”
“One thing is clear: you shouldn’t count on a huge jump up like 20%,” he said.
Meanwhile, Jiang Zhuer, CEO of China’s BTC.TOP mining pool, expanded on when the current bull cycle could end.
“BTC may hit highs between September this year and June next with targets in the $ 150,000 – 300,000 range. Bitcoin’s attention and popularity have not yet picked up to the levels they were in the previous bull market,” he said.
Analyst firm Glassnode in its report on Monday drew attention to the decline in the number of “whales” along with the continued increase in assets on wallets containing 1 BTC or less. Analysts consider the observed dynamics to be a bearish factor, as it presumably reflects the movement of assets from long-term holders to new buyers and a decrease in the former’s confidence in the market prospects. Bull markets typically go through three stages with similar asset movement trends, Glassnode said. The current situation is more like the second half of the cycle or its last stage, they add.
Ayash Jindal expects that if Bitcoin fails to recover to levels above $ 55,500 – 56,000, it could face a deeper correction in the short term. The cryptocurrency has already fallen below the support it indicated at $ 53,750, and the next important level is located near $ 50,000.
Anthony Spilotro draws an even more negative outlook, noting that the MACD indicator on the Bitcoin chart is about to dip into the red zone. In the past, this signal has repeatedly heralded a 50-70% decline.
Scott Melker refers to another indicator – the Relative Strength Index (RSI) – and states that Bitcoin is on track to reach oversold conditions.
The volume of liquidations in the cryptocurrency market in the last 12 hours amounted to $ 1.27 billion. 95% of liquidated positions were long. The number of traders liquidated per day exceeded 236,000.
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