According to prominent trader Josh Olszewicz, Bitcoin, the largest cryptocurrency by market cap, is currently versus your “do or die” moment.
According to prominent trader Josh Olszewicz, Bitcoin, the largest cryptocurrency by market cap, is currently versus your “do or die” moment.
Olszewicz’s analysis is based on the Ichimoku Cloud indicator. The cloud will be shaded green as long as Bitcoin price remains in an uptrend. At the same time, a red cloud indicates a bearish trend.
The chart shows that the flagship cryptocurrency is currently approaching the bottom of the cloud. To revive its bullish momentum, the largest cryptocurrency would need to recover from cloud support. Conversely, if the largest cryptocurrency falls below key support, it could experience a more dramatic correction.
Gamza KhanzadaevThat being said, it is worth noting that traders often rely on several indicators, including the Relative Strength Index (RSI), to detect a trend change.
At the close of this edition, bitcoin It is trading at $64,450 on the Bitstamp exchange after falling as much as 3.5% in the last 24 hours.
Alex DovbnyaAccording to CryptoQuant CEO Ki Young Ju, long-term holder whales have sold approximately $1.2 billion over the past week through brokers. Added to ETF outflows of $460 million, this equates to $1.6 billion in sell-side liquidity. He warned that brokers could start depositing BTC into exchanges, putting additional pressure on the market.
The reason behind Bitcoin’s poor performance
IntoTheBlock has noted that the number of new Bitcoin users has plummeted to its lowest level in several years. The company has suggested that Bitcoin could have become a “whale-only” product. Fidelity’s Jurrien Timmer, head of global macro at Fidelity Investments, also recently drew attention to slowing Bitcoin network growth.
