Crypto Blog
In the past few days, Bitcoin has fallen from its newly recorded highs to levels not seen in a week, triggering millions in liquidations. Analysts have revealed that the Coinbase Bitcoin Premium Index flashed a bearish signal before BTC slumped.by CryptoQuant, the Coinbase Premium Index dipped below 0.05 some hours before the price of BTC fell more than 7% to $66,000 on Friday and even further on Sunday.
A negative trend in the Coinbase Premium Index usually signals a short-term correction within a bullish market, amplifying the likelihood of a pullback and eastside movement in the near term. This also indicates that BTC is unlikely to witness an immediate price increase. The premium’s fall below 0.05 underscored a period of weakened buying pressure from United States investors. The price correction that followed was one analysts deemed necessary. On-chain analysis platforms like CryptoQuant and Bitfinex alsothat popular technical analyst CryptoCon said a 20% price correction is necessary for BTC before the asset takes off to new levels. As there are warning signs BTC could go lower, the asset may lose roughly 6% more of its value in the coming days.
CryptoCon expects BTC to reach a cycle top in the coming three to nine months after the current cooling period, per historical data from the Directional Movement Index , an indicator that measures an asset’s strength and direction while diminishing potential false signals.over 190,000 traders with a total value of approximately $700 million. The single-largest wrecked position was more than $13 million on the crypto exchange OKX.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Crucial Bitcoin Message Sent by Michael Saylor to Community As BTC Tops $61,000Vocal Bitcoin evangelist has made an important Bitcoin call on the global cryptocurrency community
Read more »
'Rich Dad Poor Dad' Author Comments on Massive Bitcoin SurgeAcclaimed investor and Bitcoin supporter Kiyosaki issues bullish Bitcoin-vs.-US dollar statement
Read more »
'Rich Dad Poor Dad' Author Reveals His Possible Actions Should Bitcoin CrashVocal Bitcoin advocate Kiyosaki reveals his favorite thing about Bitcoin should it crash
Read more »
Bitcoin (BTC) Hits $81,000 in Energy Value, What It MeansBitcoin's energy value index puts Bitcoin's fair value at $81,000
Read more »
Bitcoin Spot ETFs Near $60 Billion in Net Assets Amid Heavy TradingSurge of inflows into Bitcoin spot ETFs showcases massive institutional interest in Bitcoin
Read more »
Bitcoin Tumbles to $68K; El Salvador's Bitcoin 'Piggy Bank''CoinDesk Daily' host Jennifer Sanasie breaks down the biggest headlines impacting the crypto industry today, as the price of bitcoin (BTC) fell to as low as $67,000 during Friday's Asian trading hours, before recovering to the $68,000 level.
Read more »