Bitcoin experienced a decrease in price last week, recording a 5.5% loss from the previous week's value. The cryptocurrency also faced a significant drop in dominance and a decline in long and short positions.
Matteo Greco, a research analyst, noted that high volatility is common after significant price movements, leading to the liquidation of positions and contributing to a more sustainable market environment. He also expressed optimism about the potential approval of Bitcoin ETF applications by the U.S. Securities and Exchange Commission.
Greco highlighted the strong trading activity and the increased volatility in the market, along with the amendments made to spot Bitcoin ETF registrations, which generated positive market sentiment.
Santiment, an on-chain analysis firm, indicated that Tuesday's crypto rally could be a reaction to traders' fatigue or fear, leading to a rebound in market prices.
Bitcoin's price is predicted to rally towards the Fair Value Gap between $44,730 and $45,369, and then experience another drop or price correction.
As of Tuesday morning, Bitcoin was trading at $43,004.63, with a 24-hour trading volume increase and a 5.05% increase in value in the past 24 hours. Its circulating supply stands at 19.57 million BTC, and its market cap is at $24,951,025,652.
Bitcoin's price recently rallied above $44,000 but faced resistance near $45,000 and began to decline. Speculations arose about the possibility of reaching the $45,000 level following developments in spot Bitcoin ETF filings. Bitcoin's price decreased last week, recording a 5.5% loss from the previous week's value. The cryptocurrency also faced a significant drop in dominance and a decline in long and short positions. Matteo Greco, a research analyst, noted that high volatility is common after significant price movements, leading to the liquidation of positions and contributing to a more sustainable market environment. He also expressed optimism about the potential approval of Bitcoin ETF applications by the U.S. Securities and Exchange Commission. Greco highlighted the strong trading activity and the increased volatility in the market, along with the amendments made to spot Bitcoin ETF registrations, which generated positive market sentiment. Santiment, an on-chain analysis firm, indicated that Tuesday's crypto rally could be a reaction to traders' fatigue or fear, leading to a rebound in market prices. Bitcoin's price is predicted to rally towards the Fair Value Gap between $44,730 and $45,369, and then experience another drop or price correction. As of Tuesday morning, Bitcoin was trading at $43,004.63, with a 24-hour trading volume increase and a 5.05% increase in value in the past 24 hours. Its circulating supply stands at 19.57 million BTC, and its market cap is at $24,951,025,652.