Bitcoin investors can expect some pressure as the US dollar gets more robust and almost exchanges 1 to 1 with the Euro. The last time USD/EUR traded at the current rate was two decades ago.
Bitcoin futures market sentiment, meanwhile, Edris, a contributor to on-chain analytics platform CryptoQuant, voiced caution about making conclusions over any form of recovery.
The taker buy/ sell ratio, which indicates whether buyers or sellers are in control, saw some relief on the day, Edris showed, but the move should be taken with a pinch of salt. "However, note that it could just be a consolidation or a bullish pullback before another continuation lower," a blog post"So, many other factors should be considered closely in the coming weeks in order to determine if a bullish reversal or another bull trap could be expected."The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com.
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