30s Summary

The price of Bitcoin has seen a gradual decline, with some speculators believing it has reached a high of $68,500 for the time being. This downward trend is due to a decrease in buying pressure, with an emerging trend of selling when the price gets too high. Additionally, Bitcoin futures in relation to USDT across exchanges is currently overextended. However, if RSI, MACD, or both indicators rise above their previous high, this could signify a positive trend for Bitcoin. Despite these observations, investing in cryptocurrency holds inherent risks and all decisions should be made cautiously.

Full Article

Hey guys, the price of Bitcoin – you know, that digital gold everyone’s going mad about – has been dropping bit by bit over the last day. Some are saying it has hit its high at $68,500 for now, at least. Now, let’s look into why some think that’s the peak for now.

When Bitcoin had its first rally of the year, it hit a record high. One measure that was interesting to watch was the spot volume cumulative delta (bit of a mouthful, I know, but stick with me), which kept climbing. This basically tells us how much buying pressure there was from regular folks like you and me on exchanges like Binance, Coinbase, OKX, and Bybit.

Right now, however, even though everyone’s still bullish about Bitcoin, this measure has been falling, which means us ordinary folks are selling more than we’re buying when the price gets too high.

A data analyst known as XBTManager pointed out this continued selling trend, saying that Bitcoin is currently at a point where it needs to make a decision. The expert concluded that to keep going up, more people need to be buying on exchanges, but for now, it seems more likely that the prices could go down to settling between $63,000-$64,000 level.

Next up, the situation of Bitcoin futures in relation to USDT (that’s a type of digital currency pegged to the dollar, for those not in the know) across all exchanges is a bit unsteady. According to CryptoQuant CEO Ki Young Ju, it’s the highest it’s ever been.

That means not only Bitcoin futures, but the whole crypto derivatives market, including USDT pairs with Ethereum and Tron, is currently overextended. Now, don’t get it twisted, extended futures are common in bullish times, but we might be in for a bumpy ride.

We’ve got even more signs pointing towards a potential downturn. The folks at Cointelegraph found that Bitcoin has tried and tried again to break above the resistance trendline, and there’s reason to believe another fall is on the way. Alarmingly, every time Bitcoin has tested this line, it’s shown signs of turning bearish again.

Looking back at Bitcoin’s track record, these bearish turnarounds have often ended in a 25% or even 30% price drop. So potentially, we could see Bitcoin retesting the $52,000-$50,000 range soon.

But don’t panic just yet – there’s still hope. If either RSI, MACD, or both indicators make a new high compared to their previous top, that would predict good things ahead for our friend, Bitcoin.

Remember though, this is all just educated guesswork – invested in crypto involves risks, just like any other investing, so make sure you do your homework before making any decisions!

Source: Cointelegraph