๐ฃ Heads up, crypto fans! ๐ Bitcoin's in a risky spot, according to CryptoQuant's Gaah. Despite the halving event, BTC's price might dip due to pressure from leveraged traders. Here's the lowdown:
- Bitcoin's open interest is mid-range, meaning investors are neutral about new positions.
- However, the price is in a dicey area for leveraged traders. Any significant pressure could cause a price correction, sending BTC lower before a new high. ๐
- The market sentiment is euphoric, indicating extreme greed. This could lead to a major decline.
BTC has been on a rollercoaster, dropping from a high of $73,700 in March to less than $62,000, then bouncing back to the $70,000 range.
CryptoQuant suggests that high demand from large BTC investors could drive the post-halving rally.
What do you think? Will BTC dip or soar? Share your thoughts below! ๐ #Bitcoin #CryptoNews #DeFi