In the last week, over 33,000 Bitcoins, estimated at more than $3.23 billion, have been shifted to exchanges.
The percentage of traders holding long positions on Bitcoin ($BTC) on Binance has gone down gradually, starting its fall from 66.73% and going to 53.60%.
As per the market analyst, Mark Newton, a back out to $60,000 may happen before $BTC skyrockets.
The price of Bitcoin is witnessing robust selling pressure after encountering rejection at $100k on December 25. On-chain data reveals the weakness between increasing exchange deposits and at the same time, bulls attempt to defend the $95,000 support marks.
The experts in the market have optimism that if Bitcoin loses support, it could slump in the range of $60,000-$70,000 by the inauguration of Donald Trump on January 20. After the price of Bitcoin went to the $100k mark, the Bitcoin selling pressure escalated taking the price to $95,000 again.
A possible bearish scenario
A prominent crypto expert Ali Martinez revealed that the crucial support zone now hovers between $97,041 and $93,806. He also alerted that if Bitcoin is not able to hold this demand, it could witness a keen declination to $70,085.
One more matter of concern has been the BTC exchange reserves, which have increased in between the Bitcoin price increase to its all-time high of about $100k. Ali Martinez mentions that experienced investors appear to be constructing for a probable bearish scenario.
In the last week, over 33,000 Bitcoins, estimated at more than $3.23 billion, have been shifted to exchanges. The movement indicates increased care and probable selling pressure in the market. At the same time, profit booking for BTC has also gone over the last week.
The price slump prediction
On Monday, the Bitcoin investors jointly realized more than $7.17 billion in profits, mentioning notable market activity and profit-taking during the time of holiday period, revealed Martinez. Adding more to this, derivatives data reveals that traders are not quite confident regarding Bitcoin in the near future.
The percentage of traders holding long positions on Bitcoin ($BTC) on Binance has gone down gradually, starting its fall from 66.73% and going to 53.60%. Peter Brandt, a Veteran trader has alerted that the price of Bitcoin may be on the brink of collapsing a “broadening triangle” pattern.
If this happens, Brandt says that the price could undergo a backtrack toward the $70,000 mark. At the same time, Fundstrat is still confident, showing that the price of Bitcoin could go near $250,000 by the next year.
As per the market analyst, Mark Newton, a back out to $60,000 may happen before that skyrockets. Ultimately, Benjamin Cowen forecasts that Bitcoin (BTC) may undergo the same price pattern as the Invesco QQQ Trust (QQQ). If this happens, a flash crash to about $60,000 may occur around the inauguration of Donald Trump.
