Bitcoin drops below $60K again! Should you buy the dip today?
The post Bitcoin drops below $60K again! Should you buy the dip today? appeared on BitcoinEthereumNews.com.
Bitcoin traders have capitalized on significant gains from the recent rally when BTC tested the $64K resistance level. With the price now down, should you buy the dip? Bitcoin [BTC] hit strong resistance at $64K, giving bears the upper hand. As of this writing, Bitcoin has dropped 5.55% in the last 24 hours, trading at $59,532. Surprisingly, this setback came shortly after economic optimism surged due to expectations of rate cuts. As a result, AMBCrypto investigated whether traders are strategically positioning themselves to take advantage of the next dip. BTC traders locked in profits after recent rally Following the bearish clash in early August, bulls are eagerly seeking a rebound, aiming to push Bitcoin past the previous $70K resistance. However, breaking through $60K now seems like a distant goal. Driven by this, AMBCrypto examined historical data and identified a recurring pattern that sheds light on traders’ strategic positioning. Source : Glassnode Interestingly, on the 29th of July, after a bullish rally pushed BTC near the $70K mark, USDT net outflows surged to $330 million, signaling that traders were cashing in on the earlier gains. This net outflow highlighted a trend of USDT being withdrawn from exchanges, serving as a safe haven or profit keeper. Similarly, the end-August cycle saw traders locking in their two-week profits as BTC bulls managed to break through the $62K support level, leading to a subsequent price dip. Combining this analysis with data from future traders in the perpetual market would provide a clearer insight. Source : Coinglass According to AMBCrypto’s analysis of the OI chart, every time BTC nears a resistance barrier and experiences a bull rally, the number of closed positions increases afterward. This highlights a pattern of profit-taking as resistance levels are tested. Over the past 7 days, a prominent crypto analyst forecasted $64K…
Filed under: News - @ August 28, 2024 2:24 pm