Traders on Edge: Bitcoin Price Falls Off a Cliff, but This Altcoin Continues to Pump
The crypto markets are seeing widespread losses this Monday morning, with Bitcoin falling over 5% to around $42,000.
The overall market cap is $1.58 trillion, down 3.3% in the last 24 hours as altcoins join Bitcoin in deep red territory.
According to data from Coinglass, over $400 million in liquidations have occurred in the last 24 hours.
Crypto analytics firm Santiment noted that the latest crypto market crash represented the fastest price drop in 4 months. They point out that this swift correction has caused some mild concern among traders.
However, Santiment also observes there seems to be significant enthusiasm to “buy the dip” at the lower prices. As they state:
“There is a high level of “buythedip” calls, which typically means that there is a bit of overeagerness and #FOMO (fear of missing out) on these low prices.”
In essence, Santiment says traders appear worried in the short term after the sharp selloff. But overall sentiment remains bullish, with many eager to purchase at the discounted prices. There may even be some excess greed still driving the buy-the-dip mentality based on fear of missing the chance to enter at the bottom.
Notable crypto analyst Cryptoinsightuk, who boasts over 20k X (Twitter) followers, provided useful insights into the market plunge. He tweeted, “Is it time to panic?”
He goes on to explain:
“On the 4HR we can see we had an aggressive pull back. In fact, the majority of this move (6% of it) happened within a 10 minute period. This indicates to me that this is a flush out in long leverage and stop losses triggering further stops.”
Analyzing liquidity levels, he sees the recent push-down bounced off around $40k. There is additional liquidity and support in the mid $30k level between $32k-34k. However, his base case is not a wick down to test that zone.
Ultimately, he remains confident in Bitcoin and the crypto bull market over the medium and long term. As he states, “With Macro summer, stimulus, election year and institutional adoption around the corner, I personally believe all dips are for buying.”
But he does caution that in the near term, between $42k-58k for Bitcoin, “these areas are basically where the markets decide what is going to happen next.” He advises to “stay away from leverage for the most part.”
Instead, these correction levels present opportunities for pro traders to take some profits, deleverage positions, and rotate into altcoins that may soon “pop off.”
Bitcoin ETF (BTCETF) Presale Gaining Interest
Bitcoin ETF (BTCETF) is a new token promising in the crypto derivatives niche. The token seeks to benefit from the much-anticipated approval and launch of regulated Bitcoin exchange-traded funds (ETFs).
The ERC-20 token is currently fundraising via presale and has already garnered over $3.4 million from investors. It initially launched at a presale price of $0.005 per BTCETF but has since increased to $0.0066 after several incremental boosts.
BTCETF incorporates a live feed of breaking Bitcoin ETF news into its decentralized application (dApp). The goal is to provide crypto traders with real-time alerts and notifications around new ETF filings, applications, delays, and decisions at the SEC.
The project employs high-speed monitoring bots that continuously scan social media platforms and news outlets for any tidbits of information on a potential spot Bitcoin ETF product.
Aside from its utility as an information platform, BTCETF also boasts enticing tokenomics to drive demand from presale investors.
The project plans to execute several token burns amounting to 30% of the total supply unlocked by key milestones in the ETF approval journey. This deflationary mechanism helps guarantee long-term scarcity for early adopters.
Ever wondered what a #Bitcoin #ETF is?
Essentially, it’s an Exchange-Traded Fund that allows the community to gain exposure to $BTC without directly owning it.
It’s like a bridge connecting conventional finance with the booming world of digital currencies! pic.twitter.com/zp1yVcIUD2
BTCETF also taxes each token buy/sell transaction at 5%, removing more tokens from circulation permanently. This tax lessens over time, rewarding believers who buy and hold amidst the presale and leading up to SEC decisions.
With its real-world utility for crypto traders hungry for a spot Bitcoin ETF product and deflationary tokenomics, it’s no wonder BTCETF has seen immense presale interest thus far.
As the presale momentum continues gaining steam, Bitcoin ETF Token aims to be the go-to platform for traders when definitive ETF verdicts finally land.
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Filed under: Bitcoin - @ December 11, 2023 3:23 pm