- Bears in control of BTC market in las 24-hours.
- Selling pressure on Bitcoin (BTC) is going down.
- Technical indicators suggest BTC bulls may take over.
When looking at the Bitcoin (BTC) Spent Output Value Bands – All Exchanges index, it is clear that the behavior of whales who deposited 1,000 to 10,000 BTC into an exchange has a significant impact on price changes. In particular, a bottom was formed when whales sent bitcoins to the exchange and then sold them. In a recent tweet, CryptoQuant.com stated that “the next miner crisis, which could be the next day, could bring Bitcoin prices down, but it is not anticipated that it will cause significant panic selling.”
BTC is currently trading at $17,737.60, indicating that the bears are in control of the BTC market. The prices have decreased by a range of 0.32%, which indicates that the bears are in control of the market. The price of bitcoin has found support at $17,642.51, while its resistance level is at $18,318.53.
The Williams Percent Range indicator (William %R) currently has a reading of -52.82 and is pointing downward, which indicates that BTC prices are moving towards the oversold region and that the bitcoin market may continue to see these bearish movements in the short term. This further supports the bearish sentiment that has been prevailing in the BTC prices.
Also, the red closing bars on the Awesome Oscillator show that the market is likely to go down. This suggests that the bearish impact may still remain in the BTC market in the near future and that there is more bearish pressure than bullish pressure in the market. Currently (AO) readings of 431.54 at this time. Since AO is greater than zero, this gives investors and traders reason to be optimistic about the market’s potential for a bullish sentiment to emerge at some point in the near future.
A reading of 17084.68 in the 100-Moving Average (MA) indicator, which is also above the 200-MA indicator, gives investors and traders hope that in the coming few hours the market might experience a market correction and the bulls might soon overthrow the strength of the bears.
The fact that the Parabolic SAR indicator is below the candlestick pattern indicates that a bearish sentiment may continue for the foreseeable future in the hours to come.
In conclusion, BTC market has been in the hands of the bears for the last 24-hours, but this may change in the coming hours as the bulls attempt to build pressure in order to correct the market, implying that a bullish strength may occur in the market in the coming hours.
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