Everscale Partner
On the largest exchanges, the bitcoin rate fell below $53 000 this morning. At the time of publication, the first cryptocurrency is trying to gain a foothold by about $53 500, the decline per day is 8%.
The price rollback is taking place against the backdrop of increased selling pressure – the largest bearish candlestick by volume on the four-hour chart was seen today in more than a week. Blockchain-level data points to “a lack of buying activity in terms of dollar and stablecoin inflows into the spot market.” One thing is clear: you should not count on a huge jump up like 20%.
BTC may hit highs between September this year and June next year with targets in the $150 000 – 300 000 range. Attention to bitcoin and it’spopularity have not yet risen to the levels they were in the previous bull market.
Note the decrease in the number of whales along with the continued increase in assets in wallets containing 1 BTC or less. Analysts consider the observed dynamics to be a bearish factor, as it presumably reflects the movement of assets from long-term holders to new buyers and a decrease in the former’s confidence in the market prospects. Bull markets usually go through three stages with similar trends in terms of asset movement. The current situation is more like the second half of the cycle or its last stage, they add.
If Bitcoin fails to recover to levels above $55 500 – 56 000, it could face a deeper correction in the short term. The cryptocurrency has already fallen below the support it indicated at $53 750, and the next important level is located near $50 000.
The MACD indicator on the Bitcoin chart is about to dip into the red zone. In the past, this signal has repeatedly foreshadowed a 50-70% decline.
The Relative Strength Index (RSI) shows that Bitcoin is on track to reach oversold conditions.
The volume of liquidations in the cryptocurrency market in the last 12 hours amounted to $1.27 billion. 95% of liquidated positions were long. The number of traders liquidated per day exceeded 236 000.
