Leading cryptocurrency Bitcoin While it crowned its rise in recent weeks by reaching its previous ATH of $69,000, it could not exceed this level.
Later BTC It continued its decline yesterday evening and reached the $ 59,000 level.
Bitcoin While it continued its fluctuating movements in the range of $ 60,000 – $ 69,000, it made its investors happy and excited.
Now while investors are wondering whether the decline in BTC will continue, An evaluation came from QCP Capital analysts.
At this point, analysts stated that BTC reached its all-time high of $ 69,300 on some exchanges yesterday evening, but from this level, BTC fell sharply to $ 59,200 in just 5 hours. Analysts said that $ 60,000 proved to be a good support level for BTC in this process. .
The selling pressure that is effective in this decline is due to both BTC and Ethereum (ETH) Analysts stated that it mostly came from purchases made in September-December 2023. He stated in his report that they do not expect this correction situation to last very long.
“Last night Bitcoin reached an all-time high of $69,300 but fell sharply to $59,200 within 5 hours.
While leveraged long positions experienced a huge liquidation wave with this decline, over $1 billion leveraged positions were liquidated on Binance alone.
Investors turned the decline in Bitcoin into an opportunity and bought this decline very quickly and aggressively, and $60,000 proved to be a very good support level for BTC.
Some investors think these dips are a good opportunity to buy.
Funding in Bitcoin has returned to reasonable levels (30% annually on Binance) and the likely scenario is that the ETH/BTC trading pair will outperform once the ETH spot ETF narrative comes into play.
Despite the massive liquidation of leveraged positions, futures are surprisingly still trading at a good premium to spot, making cash and current trading much more attractive.
There has been a rush among some spot investors to sell at these peak levels in order to secure risk-free returns for the remainder of 2024. However, we do not expect this situation to last very long.”
Bitcoin continues to trade at $65,800 at the time of writing.
*This is not investment advice.
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