The cryptocurrency market turned red with #Bitcoin sales. $250 million was liquidated in the last 24 hours and $60 million of Bitcoin long positions were liquidated out of a total of $70 million. Bitcoin price declined below the key $40,000 support level as experts predicted a weak trend. As of writing, it is trading at #btc $39,009. The leading coin dropped to $38,657 today. Amid this decline, Peter Brandt, the market's expert commentator and analyst, shared current Bitcoin (BTC) commentary, price prediction and analysis data.
Bitcoin (BTC) Comment, Price Forecast and Analysis Data - Peter Brandt
Peter Brandt agrees that the decline was most likely due to weak long positions. Contrary to the downtrend and weak buying from bulls below $40K, Peter Brandt said, “I would like to see what happens when the parabola retests.”
Buying long positions on the bottom is expected as the main support is broken and the CME Bitcoin gap is filled. However, the parabola shared by Peter Brandt indicates that it will most likely be tested again in late February or early March.
March will be a very important month for $BTC investors in terms of macro and post-Bitcoin halving sentiment. The eyes of the world will be on the monetary policy decision of the US Federal Reserve in March. The macro is currently against Bitcoin bullish momentum.
The US 10-year Treasury yield is around 4.15%. The US dollar remains strong and has returned to 103.50 from 101 in early January, while the DXY index is currently at 103.29. Bitcoin investors are preparing for important economic data later this month, including the U.S. Treasury Department's quarterly refund announcement on January 31.
BTC price is down 5.17% in the last 24 hours and the price is currently trading at $38,964. The 24-hour low and high are $38,667 and $41,242 respectively. Additionally, the 85% increase in trading volume in the last 24 hours shows that investors are interested.
