Hello traders, how is your trading going?
what's wrong with the price? you are probably wondering what will happen next, I am also trying to somehow get to the bottom of the matter, but am I right?
According to some analysts, the dip was caused by an overheating of Bitcoin Futures contracts on various crypto derivative exchanges. All in all, this rapid downward move liquidated more than $ 1.89 billion in futures positions for both Bitcoin and Ethereum.
But the rollercoaster ride didn't stop there. The cryptocurrency started to rebound in the early hours of trading on Tuesday, hitting $ 50.6k before dropping back to 48.5k after that.
However, it is not easy to predict what price Bitcoin will move in the near future. While momentum is still overly bullish overall, the imposing resistances of $ 50k, $ 51k and beyond $ 54k will make life difficult for the cryptocurrency on the way up. However, the longer it consolidates below $ 50k, the easier it seems for the bulls to beat these three key resistances all at once.
Good luck
what's wrong with the price? you are probably wondering what will happen next, I am also trying to somehow get to the bottom of the matter, but am I right?
According to some analysts, the dip was caused by an overheating of Bitcoin Futures contracts on various crypto derivative exchanges. All in all, this rapid downward move liquidated more than $ 1.89 billion in futures positions for both Bitcoin and Ethereum.
But the rollercoaster ride didn't stop there. The cryptocurrency started to rebound in the early hours of trading on Tuesday, hitting $ 50.6k before dropping back to 48.5k after that.
However, it is not easy to predict what price Bitcoin will move in the near future. While momentum is still overly bullish overall, the imposing resistances of $ 50k, $ 51k and beyond $ 54k will make life difficult for the cryptocurrency on the way up. However, the longer it consolidates below $ 50k, the easier it seems for the bulls to beat these three key resistances all at once.
Good luck
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