Bitcoin Down 4% But Crypto Has Not 'Reached The Cycle Top,' Trader Points Out
Portfolio Pulse from Khyathi Dalal
Bitcoin (BTC) is down 4% ahead of the U.S. CPI data release on April 10, yet analysts remain optimistic about its long-term prospects. Technical analyst CryptoCon highlights the increase in short-term Bitcoin holders as a potential downside pressure factor but believes the crypto market has not reached its cycle top. Coinglass reports $56 million in liquidations, with a significant portion in long liquidations. IntoTheBlock data shows a 6.8% increase in daily active Bitcoin addresses and an 82.3% increase in large transaction volume. Analyst Ali Martinez's analysis of support and resistance levels suggests a bullish outlook for Bitcoin.
April 09, 2024 | 7:37 pm
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Bitcoin is down 4% but analysts, citing increased short-term holders and recent liquidation data, remain optimistic about its future. The analysis of support and resistance levels further supports a bullish outlook.
The short-term price drop in Bitcoin is seen as a temporary setback by analysts, who point to the underlying strength indicated by increased daily active addresses and large transaction volumes. The optimistic analysis by CryptoCon and Ali Martinez, despite the recent liquidations, suggests that the market has not yet reached its peak and may have more room for growth. This analysis, combined with the bullish outlook based on support and resistance levels, indicates a potential for price recovery and growth in the short term.
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