Tue, September 26, 2023

Top Things to Check in Bitcoin This Week

Top Things to Check in Bitcoin This Week

Top Things to Check in Bitcoin This Week

Bitcoin starts the new week close to $51,000. 2021 is coming to an end, and traders are cutting back on tools for the holidays. After generating $50,000, Bitcoin continues to account for that year; When it increased from $29,000 to $69,000, though then returned. However, the expectations were not so terrible for the end of December. Most hoped the currency would fetch up to $100,000.

Instead, after falling to $41,800, Bitcoin is ending a not-so-dreamy year full of surprises. What will be the effect of the BTC price over the remaining few days of 2021?

Despite concerns that low liquidity could lead to increased price volatility during the holiday season, so far, the opposite is true. Bitcoin is quiet, maybe even overly modest. Unusual price movements were observed over the weekend. A brief drop below $50,000, then returned higher, to $51,000. Part of the experts still does not lose hope that Bitcoin might close in the 53-55 000 range by the end of the year.

Another Year – Other Challenges

According to an S2F Multiple tracking report, BTC/USD should ideally trade above $97,000 this week. However, the reality is different. It is noteworthy that open interest in Bitcoin futures increased again at the beginning of the month. This in itself is unnoticed; However, if the expansion of genuine interest is combined with the opposite of a declining price, the pain phase will come.

At the same time, concerns were eased by the $42,000 exchange rate following the removal of excessive leverage in derivatives markets. Despite the subsequent return leverage, funding rates are neutral at $50,000. A few weeks ago, this was a noticeable change, and confidence is growing that a steady price rise can continue. In parallel, buyer and seller behavior chain indicators show potential reversal signs. The net realized profit and loss tend to decrease to a low level.

Bitcoin Future in 2022

According to the Crypto Fear and Greed Index, a popular sentiment measure characterized by various variables, the market is far from breaking – even over $50,000. The index showed that sentiments were particularly sensitive to even minor fluctuations in prices after the fall. Therefore, it is implied that this may lead to more emotional trading reactions. A price event can cause the snowball effect to go up or down.

Expectations that Bitcoin will make a sudden rise are almost non-existent. The fact is that the most popular digital currency in the market is performing at a superficial level.


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