However, the analysts have identified critical price levels which could indicate future market movements: “If BTC reclaims the $63.5k area, it would be bullish; if it loses the $60k level, it would be bearish.” Related Reading: Fears Of Bitcoin Sales By US And German Govts Are FUD, Even Bullish: Experts The technical analysis also reveals that the liquidity in the Bitcoin market is currently dispersed, with few substantial clusters of orders.
The analysis suggests that the market is currently absorbing the sell-off, with a notable decline in the volume and frequency of Bitcoin being transferred out of miners’ wallets.“The current market can be seen as being in the process of digesting this sell-off, and fortunately, the quantity and number of Bitcoins miners are sending out of their wallets has been rapidly decreasing recently,” Crypto Dan stated.
Crypto Dan added, “In other words, the selling pressure of miners is weakening, and if all of their selling volume is absorbed, a situation may be created where the upward rally can continue again.” He projected optimism for the market, predicting positive movements in the third quarter of 2024.
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