$BTC will see a big drop? The $60,000 mark is in danger!
Bitcoin has recently diverged and is showing signs of falling. Does this mean that the price is going to plummet to $60,000?
Let's take a look at the data. The ratio of longs and shorts in BTC has declined, which usually means that the price is adjusting.
A few days ago, Bitcoin finally broke through $66,000, which made everyone excited. But the good times didn't last long, and it soon fell back. The latest data shows that this may be just the beginning of a big price adjustment.
Bitcoin is a bit dangerous now. In the past 24 hours, the price has adjusted below $66,000. At the time of writing this article, BTC is trading at $64,592. Uncle Lei has previously suggested that BTC may become a victim of price adjustments.
There is a bearish divergence on the BTC daily chart. Once this divergence appears, the possibility of price adjustment is high. If the bearish trend continues, investors may see BTC fall to $60,000 again.
What do other indicators say? We looked at the on-chain data. BTC's MVRV ratio has dropped a bit after the surge, which could be a bearish signal. Market sentiment has also turned bearish, with weighted sentiment declining.
Also, Bitcoin's long/short ratio has dropped. This means there are more short positions than long positions in the market, which is also a bearish signal.
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