Main notes
- Data from Cryptoquant indicates that bitcoin whales reduce the leverage and is a declining indicator.
- Bitcoin has faced rejection of $ 89,000 and is currently trading near $ 84,986 before the issuance of PCE data in the United States.
- Bitcoin options are over 139,000 contracts and decreased implicit fluctuations will increase the procedures for the next prices.
In the face of a strong rejection of $ 89,000, the Bitcoin (BTC) price has already organized some reflection before issuing US PCE data on Friday.
As of the time of the press, BTC decreased by 1.76 %, trading at 84,986 dollars, as the daily trading volume increased by 20 % to more than 30 billion dollars. Bitcoin Macro indicates signs of the future landing market.
Bitcoin Macro’s warning signs
Since BTCUSD is struggling to violate the critical resistance levels, the scales on the chain already show some weakness amid signs of losing its upward momentum. the Bitcoin total indexAnd developed by Capriole in 2022, enhances machine learning to analyze a wide range of standards.
The index provides a strong indicator on the relative value of Bitcoin through historical market courses.
However, since late 2023, the Macro Bitcoin Index has been lower levels, while BTC/USD has recorded higher levels, creating a “declining difference”. Although this style is normla in the previous bull markets, it indicates the possibility that BTC/USD has already reached a long -term peak. This is not a very great sign, as Edwards noted.
Codable data shows that bitcoin whales reduce the leverage, indicating a transformation in the market morale. BTC drops to derivatives indicate a decrease in risk appetite among these older bearers. Historically, this trend was often associated with the movements of the Haboodi market.
The BTC price continues to face difficulty in obtaining the upward trend
“The price of Bitcoin faces more negative pressure, as it slipped to less than 85,000 dollars, as the basic inflation in the United States in the United States was 2.8 % higher for the month of February. Macro’s indicators continue to play an important role in affecting bitcoin movements.
With the support of one of the last BTC price analyzes, veteran trader Peter Brandt confirmed that BTCUSDT can see the negative side to $ 70,000.
Bitcoin expiration data today shows 139,000 BTC contracts, which are expired today with a position/call of 0.49, a pain point with a maximum of $ 85,000, and a virtual value of $ 12.1 billion. Classical delivery made up more than 40 % of the total options sites, with BTC options representing approximately 80 % of this delivery.
The implicit fluctuation witnessed a decrease during the period when the main BTC fluctuations decreased to less than 50 %.
the next
Slip: Coinspeaker is committed to providing unbiased and transparent reports. This article aims to provide accurate and timely information, but it should not be considered financial or investment advice. Since market conditions can change quickly, we encourage you to check your information and consult with a professional before making any decisions based on this content.
Bhushan is enthusiastic about technology and carries a good tendency to understand the financial markets. His interest in the economy and financing draws his attention towards emerging technology markets and emerging technology. He is in a continuous educational process and keeps himself excited to share his acquired knowledge. In spare time he reads fictional excitement novels and sometimes explores his cooking skills.
The post BTC Price Rally to $110K Could Fail According to “Bitcoin Macro Index” first appeared on Investorempires.com.
