Bitcoin predictions: Traders see another decrease in the bear market
- Merchants are looking for another large sale in Bitcoin.
- Bitcoin options offer the location of traders to a possible decline to $ 70,000.
- The cryptocurrency is inclined to the bear market this week, a decrease of more than 20 % of its peak in January.
The encryption traders are looking for the possibility of exacerbating the sale of Bitcoin after he entered the symbol in the technical bear market this week.
Bitcoin options show the open benefit of a $ 70,000 strike price that rose to the second highest level among all contracts that were identified to end on Friday, according to Deribit data cited by Bloomberg.
If Bitcoin will decrease to this level, this will indicate a 18 % decrease of current levels and 35 % of its height at all over $ 109,000 in January.
“Bitcoin confirmed a short -term collapse in the context of its long -term emerging direction,” Katie Stockon, the supreme analyst and founder of Fairlead Strategy, told Business Insider in a statement. “We will not rule out the secondary support test near 73.8 thousand dollars (previous resistance from 2024) before ripening completely in the corrective stage.”
George Paville, General Manager of the NAGA trading platform, also believes that Bitcoin can decrease to $ 70,000, since the currency recently violated the resistance level of $ 90,000.
“If the main support levels like $ 82,000 are not held, Bitcoin can decrease more than that,” Business Insider told an email.
Bitcoin slipped to Bear market This week’s lands, where Crypto now decreased about 21 % of the record of $ 109,350 in January.
The currency was traded about $ 85,821 Thursday morning.
Meanwhile, Bitcoin’s total market value decreased to $ 1.7 trillion, while trading volume has increased over the past 24 hours by 27 %, according to data from CoinMarketCap.
The sale seems to have caused a wider step in the markets, as well as other factors that have been affected by the confidence of the encryption investors.
Spot Bitcoin ETFS witnessed more than $ 1.1 billion in external flows on Tuesday, according to data from Farside, which affects the price of Bitcoin.
The cryptocurrency also witnessed an increased fluctuation and the weakest feeling after the infiltrators stole $ 1.5 billion from the exchange of encryption Pipe Last week. Analysts say it can be one of the largest encryption breakthroughs ever.
Pavel also believes the total economic uncertainty and that the slow progress of the Trump administration in implementing a quarter -supporting policies can add to the pressure pressure.
“Unless there is a major shift in market dynamics or a catalyst that restores the investor’s confidence, this pieces may extend for some time,” he said.
