Although the Bitcoin price is on the rise again after the mid-week decline, analysts warn of the risk of a correction.
Bitcoin on Wednesday below $41,000 fell and the market 500 million dollars liquidation was observed. However, the price increased again with the interest rate cut signal in the minutes published by the Federal Reserve and the positive developments regarding spot Bitcoin ETFs. over $44,000 output.
Blockchain analysis company CryptoQuant analysts warned against the risk of a possible correction in the report they published yesterday. Profit margin for short-term investors is still at high levels Analysts stated that “Historically this has led to price corrections with traders taking profits.” said.
Analysts also recommend that the market maker buy/sell ratio be below 1. commented as bearish.
At the blockchain level over the past week More than 27,000 Bitcoins Since its action leads to an increase in the liquid supply in the stock exchanges selling pressure It creates. In the CryptoQuant report, “This upward trend in stock market reserves generally means that selling pressure is increasing.” It was said.