Bitcoin goes up, but the atmosphere is prudent
The Bitcoin price fell higher during the last day, briefly affecting $ 106,000 before paying around $ 105,400. It is a small gain – less than 1% – and no one calls it a rally for the moment. However, after weeks of rebound between $ 100,000 and $ 110,000, even minor movements attract attention.
The market feels glued, honestly. Not in the wrong direction, but not exactly strong either. Analysts monitor the signs of what comes next, and at the moment, the signals are mixed. On the one hand, there is no mass panic or sale of sale. On the other, not enough money that takes place to push higher prices.
Do not panic, but not much excitement either
A cryptocurrency analyst, Darkfost, stressed that the profits made -, therefore, how much investors are recently enriched. Over an average of seven days, they are less than $ 1 billion, which is low compared to the start of this year. This is good news in a way – it means that big holders do not rush for outings.
But here is the thing: the demand is not exactly booming. The report of the new Bitcoin diet to older and dormant parts suggests that buyers do not jump as if they were back in May. Thus, even if the market does not collapse, it does not warm up either. It’s no longer like a confrontation, no side is gaining a lot of ground.
Traders look closely at this range
Borisvest, another cryptocurrency analyst, noted that Bitcoin has been stuck between $ 100,000 and $ 110,000 for almost a month now. And in this range, things become crowded. Short positions – mares that the price will drop – accumulate, which is not surprising given the lack of ascending momentum.
But that’s where it becomes difficult. When too many merchants bet against the market, a price leap can force them to cover their positions, which has dropped even higher prices. This is what traders call a short pressure, and it is always a risk when shorts accumulate.
For the moment, however, the market feels balanced. Maybe too balanced. Everyone is waiting for something to break, a passage of $ 110,000, a drop of less than $ 100,000. Until then, expect the same thing more: slow and cautious movements with the occasional sparkle of volatility.
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