Recession prevails as interest in crypto markets wanes, according to on-chain data.
Some of the calm in Bitcoin on-chain continues to be reflected in its metrics. A CryptoQuant By observing the buy/sell rates in the leveraged market, the analyst concluded that Bitcoin was looking for direction.
The analyst thinks that the Buy/Ask ratio shows what the expectations are in the derivatives market in general.
According to the historical data, after the buy/sell ratio touched 1.03, there was an upward trend, while the falling markets started as it approached 0.97. CryptoQuant analyst thinks that this ration is hovering at exactly 1 level today, so there is no sharp direction expectation in the market at this stage.
Latest Status in Bitcoin
Leader cryptocurrency unit started the first week of 2023 with a receiver. bitcoin It has gained 0.80% since the first hours of the year. Daily earnings, on the other hand, are at similar rates.
Returning from the bottom with support at $15,650 at the end of November, Bitcoin tested the $16,350 level twice in mid-December and in the last hours of 2022.
Advancing to $16,700 with purchases from support, resistances in front of BTC are found at $16,920 and $17,340. If these two numbers are exceeded, the next stop may be at $18,400.
A majority of market participants believe that the FED will end interest rate hikes in March and cryptocurrencies will start to rise again.
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