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After Bitcoin reached $70,000 last Monday, there were expectations of a new ATH attempt, but things did not go as expected. BTC, which entered a troubled period, fell to $63,000 due to the Fed decision and geopolitical events. Yesterday, Monday, the situation took a different turn, and after a historic decline in the Japanese economy, BTC fell below $49,000 for a short time. Today, however, a recovery in price was observed. Amid all this, one market analyst made optimistic comments about BTC.
Bitcoin Comments
After the sharp declines in the market on Sunday and Monday, a crypto analyst named Credible Crypto stated on X that Bitcoin (BTC) experienced a “nice wipeout” in open interest (OI), which is known for tracking the total number of outstanding derivative contracts for a particular asset.
Nature is healing. Remember that the dotted green line below is the lowest recorded OI we’ve seen in this range, and the closer we get to this level, the healthier it is. However, OI can be wiped out in downward moves (long liquidations) AND upward moves (short liquidations), so we don’t need to see OI completely ‘reset’ before reaching our bottom in terms of price. Let’s continue to watch how things develop, but it’s great to see this wipeout in OI.
The elimination of open interest reflects the removal of excessively leveraged trades and is generally defined as a bullish signal for assets in an uptrend.
Credible also stated that the market correction is “only a temporary dip” and that he still maintains his medium to long-term outlook.
The coins that were the strongest before this drop in the last 24 hours will probably recover the fastest. The coins that were the weakest before this drop will probably struggle. Now is not the time to sell, but to take advantage of the discounts in the strong coins we identified earlier because when the reversal happens, these coins will stand out.
How Much is Bitcoin Now?
Meanwhile, it is seen that BTC has recovered from the $48,800 level it fell to yesterday. As of the time of writing, BTC is finding buyers at $56,600 after a 3.82% increase. In addition to this rise, the market cap also returned to the $1.17 trillion level.
Finally, looking at the 24-hour trading volume, it is reflected in the charts that BTC hosted a 49% drop, resulting in its volume falling to $53.3 billion.
