Bitcoin Continues Going Sideways But This Indicator Gives Bulls Hope
Portfolio Pulse from Khyathi Dalal
Bitcoin is trading sideways, but indicators suggest limited downside risk. Traders are shorting more than longing, hinting at a potential uptrend. Key levels to watch are $61,900 and $56,200, with a break below $58,650 signaling possible further decline.
August 21, 2024 | 2:57 pm
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Bitcoin is experiencing a sideways trading pattern, but the market shows signs of a potential uptrend due to more short positions than long. Key levels to watch are $61,900 and $56,200, with a break below $58,650 indicating further downside risk.
The article highlights that more traders are shorting Bitcoin than longing, which is often a precursor to a price increase as shorts cover their positions. The mention of key price levels provides specific points to watch for potential market movements.
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