en.bitcoinsistemi.com
While Bitcoin, the leading cryptocurrency, crowned its rise in recent weeks by reaching its previous ATH of $69,000, it could not exceed this level.
Later, $BTC continued its decline yesterday evening and reached the $ 59,000 level.
While Bitcoin continued its fluctuating movements in the range of $60,000-$69,000, its investors were excited.
Now, while investors are wondering whether the decline in $BTC will continue, an assessment has come from QCP Capital analysts.
At this point, analysts stated that $BTC reached its all-time high of $ 69,300 on some exchanges yesterday evening, but from this level, $BTC fell sharply to $ 59,200 in just 5 hours, and said that $ 60,000 proved to be a good support level for $BTC in this process. .
Analysts stated in their report that the selling pressure effective in this decline came from purchases made mostly in September-December 2023 for both $BTC and Ethereum ($ETH) and that they did not expect this correction situation to last too long.
“Last night Bitcoin reached an all-time high of $69,300 but fell sharply to $59,200 within 5 hours.
While leveraged long positions experienced a huge liquidation wave with this decline, over $1 billion leveraged positions were liquidated in Binance alone.
Investors turned the decline in Bitcoin into an opportunity and bought this decline very quickly and aggressively, and $60,000 proved to be a very good support level for $BTC.
Some investors think these dips are a good opportunity to buy.
Funding in Bitcoin has returned to reasonable levels (30% annually on Binance) and the likely scenario is that the $ETH/$BTC trading pair will outperform once the $ETH spot ETF narrative comes into play.
Despite the massive liquidation of leveraged positions, futures are surprisingly still trading at a good premium to spot, making cash and current trading much more attractive.
There has been a rush among some spot investors to sell at these peak levels in order to secure risk-free returns for the remainder of 2024. However, we do not expect this situation to last very long.”
Bitcoin continues to trade at $65,800 at the time of writing.
*This is not investment advice.