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Bitcoin traders looking to position themselves should read this analysis

Bitcoin traders looking to position themselves should read this analysis

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Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase

On September 21, the Federal Reserve raised interest rates for the third time in a row by 75 basis points (0.75 percentage points).

Broader financial markets fell immediately after the announcement as stock prices tumbled.

Not to be left out, the cryptocurrency market was also affected. After a hawkish move, the price of the leading coin, Bitcoin [BTC], immediately fell below the $19,000 Price Range, after which it recovered slightly.

Not nearly over

According to data from CoinMarketCap, the BTC price has since gained about 5% since falling below $19,000 on Wednesday (September 21). At press time, the coin changed hands for $19,342.38.

Reports from cryptocurrency analytics platform CryotoQuant suggest that the king coin has more problems ahead, although they appear to be on the rise.

According to CryptoQuant, the last few weeks have been marked by an increase in BTC exchange flows. It’s silly that a rise in this metric is indicative of a spike in short-term selling pressure on the asset. As CryptoQuant has confirmed, this increase in the flow of BTC into exchanges “has put selling pressure” on the largest cryptocurrency.

Additionally, the cryptocurrency analytics platform noted that hourly BTC interest rates have been significantly negative. It said this was another indication that BTC “traders in the derivatives market were willing to sell short”.

Source: CryptoQuant

Still trading at the $19,000 price level with trading volume down 11% after the US Federal Reserve’s announcement on Wednesday. CryptoQuant analyst TariqDabil estimates that investors may have to wait for a significant price increase. for a little longer. According to Dabil, the leading coin “still needs time to recover”.

Source: CryptoQuant

Before you buy the dip

A look at BTC’s Adjusted Output Profit Ratio (ASOPR) revealed that the current bear cycle (which has lasted over 185 days) has so far marked many BTC investors’ selling at a loss.

According to CryptoQuant analyst IT Tech, ASOPR has acted as resistance in previous bear cycles. Every time the price of BTC rose and ASOPR recorded a value of one (suggesting that more investors sold at a profit), this was usually followed by a “pretty strong rejection”.

IT Tech found that ASOPR has acted as a significant opponent to BTC in the current bear market. As a result, a strong rejection may follow if ASOPR ends up recording a value of one.

Source: CryptoQuant



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