Bitcoin's Bullish Momentum Fading as Liquidity Shifts and Volatility Looms
Summary:
Bitcoin's bullish momentum is fading as changes in liquidity on the Binance order book suggest a potential shift. Traders anticipate a short-term bounce before downside pressures return. Volatility is expected to increase soon in the derivatives markets. Readers are reminded to conduct their own research and exercise caution when making investment decisions.
Bitcoin's bullish momentum is losing steam as changes in liquidity on the Binance order book indicate a potential shift. The bid support for BTC has moved down to concentrate around $24,600, a price level not seen since March. Although a breakdown in price is expected in the long term, some analysts anticipate a short-term bounce before downside pressures return. However, neither the bulls nor the bears have shown significant strength, indicating a fading bullish sentiment. Traders are keeping a close eye on the $24,750 level as a crucial threshold for the bulls to maintain. Volatility is expected to increase soon, as demonstrated by activity in the derivatives markets. Another trader hopes that the downside will be limited to the high $24,000 range. As always, readers are reminded to conduct their own research and exercise caution when making investment decisions.
Published At
9/6/2023 1:35:03 PM
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