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Bitcoin Struggles to Surpass $70K, Yet Maintains a Positive Stan
Bitcoin Struggles to Surpass 70K, Yet Maintains a Positive Stance
Despite Bitcoin suffering from the psychological 70K level, The weighted sentiment curve is maintained above zero line indicating a positive stance.
As the price slumped from the 70K mark, Bitcoin noted a $1.75 Billion outflow in the last couple of sessions.
This month has been well so far for Bitcoin and cryptocurrency markets. Bitcoin started with a sharp crash towards the
54K mark and in the 1st week followed by a strong rebound towards the 66K in the second week.
However, the last two weeks saw a loss in momentum as Bitcoin attempted to surpass the psychological 70K level. A selling pressure towards the
65K was observed as the price suffered from 70K level. Despite all, an on-chain metrics, weighted sentiment curve highlights of being in a positive territory indicating sign of optimism.
Additionally, as the price suffered nearly 5% loss in the last couple of sessions, the open interest curve has also noted a significant drop of nearly $1.75 Billion. At the time of writing, Bitcoin was exchanging hands close to 66K recording a mild intraday loss of 0.24%.
Open Interest Data Highlights A Short Term Profit Booking.
DescriptionWith the recent drop in Bitcoin price, the analysts have noted a significant 12% change in the derivatives segment. As per the data reported by an on chain analytics website, open interest contracts have dropped from $14.5 Billion to $12.5 Billion in the last couple of sessions.
Some analysts are correlating the recent drop in the number of OI data to a profit booking. The reason being that the BTC has made a sharp reversal from the54K to the higher supply of 70k thus gaining over 25% in just two weeks.
Despite the profit booking in BTC the weighted sentiment curve has not withdrawn from the bullish territory indicating the presence of bulls in the market. on a closer observation, it was observed that the weighted sentiment has discouraged to some extent in the recent sessions, however, it still managed to maintain the bullish territory.
The weighted sentiment curve highlights the overall biasness of the majority of the traders and investors whether it is bullish or bearish. Currently, the BTC weighted sentiment curve hovers above the zero line.
Where is Bitcoin Heading Next?
The daily chart highlights the formation of inclining parallel channel patterns with BTC price stuck between the upper and lower boundaries of the channel. The recent session has seen a loss of momentum in the bulls side, however BTC price still trades in a bullish territory.
From a technical point of view, BTC price hovers above the key exponential moving average of 20, 50 and 200 days suggesting a strong control of the buyers. On the higher side, 70K level may act as a psychological resistance which if breached may unlock Bitcoin journey towards the record highs.
On the contrary, a failure in the BTC price below the 62K may invalidate a bullish continuation and the price may again crash towards the 60K level.
At the time of writing, The relative strength index (RSI) line was placed at 61.03 points whereas the 14 day SMA line was hovering near 56.37 points. Both the lines were placed above the mean line suggesting the price in a bullish territory.
Despite Bitcoin suffering from the psychological 70K level, The weighted sentiment curve is maintained above zero line indicating a positive stance.
As the price slumped from the 70K mark, Bitcoin noted a $1.75 Billion outflow in the last couple of sessions.
This month has been well so far for Bitcoin and cryptocurrency markets. Bitcoin started with a sharp crash towards the
54K mark and in the 1st week followed by a strong rebound towards the 66K in the second week.However, the last two weeks saw a loss in momentum as Bitcoin attempted to surpass the psychological 70K level. A selling pressure towards the
65K was observed as the price suffered from 70K level. Despite all, an on-chain metrics, weighted sentiment curve highlights of being in a positive territory indicating sign of optimism. Additionally, as the price suffered nearly 5% loss in the last couple of sessions, the open interest curve has also noted a significant drop of nearly $1.75 Billion. At the time of writing, Bitcoin was exchanging hands close to 66K recording a mild intraday loss of 0.24%.
Open Interest Data Highlights A Short Term Profit Booking.
DescriptionWith the recent drop in Bitcoin price, the analysts have noted a significant 12% change in the derivatives segment. As per the data reported by an on chain analytics website, open interest contracts have dropped from $14.5 Billion to $12.5 Billion in the last couple of sessions.
Some analysts are correlating the recent drop in the number of OI data to a profit booking. The reason being that the BTC has made a sharp reversal from the
54K to the higher supply of 70k thus gaining over 25% in just two weeks. Despite the profit booking in BTC the weighted sentiment curve has not withdrawn from the bullish territory indicating the presence of bulls in the market. on a closer observation, it was observed that the weighted sentiment has discouraged to some extent in the recent sessions, however, it still managed to maintain the bullish territory.
The weighted sentiment curve highlights the overall biasness of the majority of the traders and investors whether it is bullish or bearish. Currently, the BTC weighted sentiment curve hovers above the zero line.
Where is Bitcoin Heading Next?
The daily chart highlights the formation of inclining parallel channel patterns with BTC price stuck between the upper and lower boundaries of the channel. The recent session has seen a loss of momentum in the bulls side, however BTC price still trades in a bullish territory.
From a technical point of view, BTC price hovers above the key exponential moving average of 20, 50 and 200 days suggesting a strong control of the buyers. On the higher side, 70K level may act as a psychological resistance which if breached may unlock Bitcoin journey towards the record highs.
On the contrary, a failure in the BTC price below the 62K may invalidate a bullish continuation and the price may again crash towards the 60K level.
At the time of writing, The relative strength index (RSI) line was placed at 61.03 points whereas the 14 day SMA line was hovering near 56.37 points. Both the lines were placed above the mean line suggesting the price in a bullish territory.
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