What is the reason for Bitcoin’s decline? Will continue? What is the required support level for BTC?

Although Bitcoin, the leading cryptocurrency, has capped its rise in recent weeks by reaching its previous high of $69,000, it has failed to surpass this level.

Subsequently, last night, BTC continued its decline and reached the $59,000 level.

As Bitcoin continued its fluctuating movements in the $60,000 to $69,000 range, its investors were thrilled.

Now, as investors wonder whether BTC’s decline will continue, an assessment has arrived from analysts at QCP Capital.

At this point, analysts said that BTC reached its all-time high of $69,300 on some exchanges last night, but from this level BTC fell sharply to $59,200 in just 5 hours, and they said that $60,000 proved a good support level for BTC in this process. .

The analysts stated in their report that the effective selling pressure in this decline came from purchases made mainly in the September-December 2023 period for both BTC and Ethereum (ETH) and that they did not expect this correction situation to last too long .

“Bitcoin hit an all-time high of $69,300 last night, but fell sharply to $59,200 in 5 hours.

While long leveraged positions have seen a huge wave of liquidations with this drop, over $1 billion in leveraged positions have been liquidated on Binance alone.

Investors turned Bitcoin’s decline into an opportunity and bought this decline very quickly and aggressively, and $60,000 turned out to be a great support level for BTC.

Some investors believe these dips are a good buying opportunity.

Bitcoin funding 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 surprisingly still trade at a good premium to the spot price, making cash and current trading much more attractive.

There has been a rush among some spot investors to sell at these peak levels to secure risk-free returns for the remainder of 2024. However, we do not expect this situation to last long.”

Bitcoin continues to trade at $65,800 at the time of writing.

*This is not investment advice.

Leave a Reply

Your email address will not be published. Required fields are marked *

Best Exchanges
Buy, trade, and hold 600+ cryptocurrencies on Binance
Buy, trade, and hold 450+ cryptocurrencies on ByBit
Buy, trade, and hold 150+ cryptocurrencies on Kucoin
Buy, trade, and hold 100+ cryptocurrencies on BitFinex 
Buy, trade, and hold 150+ cryptocurrencies on CoinBase

Guru Investing is an independent source of information about investing , not controlled by any broker. All our reviews and guides are created honestly, according to the best knowledge and judgement of the members of our independent expert team; however, they are intended for informative purposes only and should not be construed as, nor relied upon as, legal advice. You should always make sure that you meet all regulatory requirements before making any financial operations . Copyright ©2024 Email for contact [email protected]
pornhd.com hindisexyporn.com kashmiri girls sex jayasex indaporn.info desi bhabi xxx xlnindia sexo-vids.com 1st time sex video たかはししょうこ動画 javfuck.mobi 真正中出し3本番 彩乃なな sex film sexy film xxxhindividoes.com xnxx indian teens
ano nga ba ang pangarap iwantmoreteleserye.com hello heart episode 3 reshma hot saree images nuporn.mobi xvidies com bihar chudai tubezaur.mobi heroine photo hot dasixx hardcoreporntrends.com ileana d'cruz hot photoshoot www.xxxsexvideo.com xbeegtube.mobi hindi movi
www sxe vidoes erohardcore.info boops sucking dehati fuck kitporn.info chuk chuk rail fuckcomix.com mojoporntube.net gujaratisexvidio probinsyano october 18 2021 full episode freeteleseryetv.net ang probinsyano july 14 2022 قصص سكس كرتون cmsextra.net سكس بنات تخينة