- QuickNode report deciphers reasons for crypto market’s bearish turn.
- The report explores 10 factors that led to a bearish Bitcoin turn.
- Despite market reversal seasoned traders remain patient and await a golden bull run.
In a recent report released by QuickNode, and its renowned crypto market research tool QuickAlerts, the reasons behind the current bearish sentiment in the crypto market have been elucidated, shedding light on the intricacies of the recent downturn.
According to the report, which identifies 10 key factors contributing to the market’s bearish shift, the initial trigger was a predictable correction highlighted by data-driven analysis. This correction, fueled by various risk factors, set the stage for Ethereum’s downward trend, prompting upgrades in trading signals for the popular altcoin.
Experts at QuickNode delve into the bearish Bitcoin outlook, emphasizing the divergence in indicators that forewarned of a potential retracement and advised cautious optimism. Furthermore, during US trading hours, large sell offers stifled Bitcoin’s rally, indicating buyer saturation and dampening market sentiment.
The report also touches upon Ethereum trading signals, which initially forecasted upside potential but were disrupted by the aftermath of the Dencun upgrade. Moreover, concerns surrounding Ethereum ETF approval, exacerbated by the lack of dialogue with the SEC, further dimmed Ethereum’s rally prospects.
Additional insights from the report include an analysis of the intraday crash, revealing low predictability and prompting cautious portfolio management. The Bitcoin analog model anticipates a significant correction, with downside risk taking precedence in the current market climate.
Furthermore, the report highlights the impact of premature buying behavior among traders, leading to declining retail sentiment and cautionary ETF flows. Despite these challenges, the technical outlook suggests that Bitcoin may continue trading below $60,000 before a significant rally can be considered.
Despite the prevailing bearish sentiment, seasoned crypto traders and investors remain confident in the long-term prospects of Bitcoin, with many leveraging the current dip as a buying opportunity or maintaining their positions with unwavering conviction.
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