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The king cryptocurrency unit today fell to $42,241 before returning to $42,500. Narrow range movements continue. Investors are not too disturbed by BTC‘s skidding as altcoins have generally risen this week. However, the time granted to altcoin investors may be about to expire. So, what are the expectations? What does the current situation indicate?
Why Isn’t Bitcoin (BTC) Rising?
What was expected for Christmas week was BTC to rise while altcoins remained calm, but the opposite happened. Investors expecting a BTC price increase did not get what they wanted. Bears, providing a strong reminder of the strength of the general resistance, are getting what they want for now and keeping the BTC price away from previous rapid resistance breaches.
The urge to take profits has influenced investors preparing for a possible “sell the news” event. We will see what happens in the days to come, but perhaps they are doing the right thing? High funding rates also supported those selling for profit, suggesting that price increases would not continue without a new liquidity cleanup. Could we be preparing for a billion-dollar liquidation before major movements? We can’t see the future, and we will learn this in the days to come.
Bitcoin Predictions
Maartunn, contributing to CryptoQuant, highlighted the strengthening bid liquidity in the $40,000 region while examining order books. This could mean that the time granted to altcoins is coming to an end from two perspectives. That is, a possible correction to $40,000 would reverse the already slowing altcoin rallies.
If BTC targets $48,000 and above because the support remains strong, then liquidity will shift to BTC, causing BTCD to rise, altcoins to fall, and Bitcoin to increase with new peak expectations. Material Indicators wrote the following about the current situation;
“Additionally, we see some small bid liquidity blocks that may be trying to prevent a further drop have moved above $42,000. We are watching to see if it holds.”
Filbfilb, co-founder of DecenTrader, also issued a warning.
“The increasing competition to predict the highest figure for Bitcoin when the ETF emerges is a red flag. Expect a correction if the initial capital flows are lackluster.”
Indeed, we have been issuing this warning for weeks. COINTURK readers know what to look for to sense a potential new Futures ETF disaster early on.
