Bitcoin (BTC) in ‘Pain’ Mode, Top Analyst Explains
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Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. A complicated picture is painted by Bitcoin’s current price action as the asset negotiates considerable market volatility. Bitcoin has swept both ends of its liquidity spectrum on the four-hour chart with bid liquidity at the bottom and clearing ask liquidity at the top. Due to the breaching of both resistance and support levels, this movement demonstrates Bitcoin’s volatility. The analyst notes that Bitcoin has now stabilized in a value region, suggesting that attention may be directed toward the Point of Control (PoC) and support levels close to $98,000. Although slipping below could result in another test of lower support zones, regaining this zone and holding above it would provide a basis for recovery. BTC/USDT Chart by TradingView Lower time frames show that external factors, especially its relationship to conventional financial markets, have limited the price of Bitcoin. Sell flows on the Bitcoin market seem to be a direct result of weakness in the equity markets, particularly in the S&P 500 (ES). This interaction shows how macroeconomic variables continue to have an impact on the dynamics of the Bitcoin market. Related The significance of the New York session’s low is one important finding. If Bitcoin is able to stay above this level, it may be a sign that passive bids are increasing, which could support a future upward…
Filed under: News - @ December 13, 2024 3:18 pm