BTC continued to trade in a compact range and remained consistent for the last 24 hours. Some analysts are concerned that the rise in leverage in the Bitcoin futures market may precede an impending drop in prices. Others, on the contrary, believe that the current trading range will lead to further growth.
Analysts point to the slow pace of large Bitcoin buyers who are buying a cautious signal from the market. At the same time, technical indicators suggest that the decline in the price of Bitcoin could stabilize at around $53,000. However, in the case of an upward move, there should be a $60,000- $65,000-range.
As the year draws to a close, some analysts believe that most investors will leave long positions to block profits, which may make it almost impossible to raise the price to $100,000 BTC this year. However, interest in the Bitcoin futures market is still growing, despite recent crypto sales.
Analysts find it unusual for such a high level of open interest to be maintained for long periods. This may indicate that the market is over-saturated with leverage. High leverage processes that Bitcoin traders who hold great positions may be accessible to liquidations if the BTC price drops again. According to Glassnode, the decline in ASOL signals that fewer coins are being spent. Hence, investor confidence is improving during the adjustment.
Global exchanges, such as CoinMarketCap, value the most popular cryptocurrency at $56,609. The value of the cryptocurrency fell 0.17 percent in the last 24 hours. Ether fell 0.23 percent. The second most popular cryptocurrency in the world currently costs $4,532.
Ideally, not for Altcoins either. However, several cryptocurrencies seem to be swimming strongly against the tide. At this point, Stellar, Cosmos, Cardano, and IOTA are in one of the most lucrative positions. Monero also rose in value, following a 3 percent drop last week.
It seems that the autumn forecasts of specialists regarding the fact that Bitcoin will reach the 6-digit mark for Christmas are far from reality. Some analysts are still not losing hope that Bitcoin could set another record by the end of the year.
However, the reality is entirely different, and the end of autumn turned out to be nothing short of impressive for the most popular cryptocurrency of the year. Since everything in the trading sector is changing, the primary digital currency may resume positive dynamics next year and exceed $100,000.