Greeks.Live: Traders are focusing on $75,000 and $67,000-$70,000 as potential support ranges
According to the daily brief from the Greeks.Live English community, traders are currently focusing on $75,000 and $67,000-$70,000 as potential support ranges. Although some believe that prices may rebound to the range of $92,000-$94,000, most people are cautious about establishing new positions before clear signals appear.
The price of Bitcoin plummeted from $94,000-$96,000 to about $80,000 within a week causing significant losses for traders. Some users reported account retracements of up to 70%, with "seven months' profits turned into nothing".
This sell-off has been described as out-of-control momentum without any clear catalysts. Notably during this decline process perpetual contract funding rates remained positive which is different from previous market bottoms.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
WLFI: Token buyback will be carried out on Aster through a public wallet
Layer 33 calls for a pause on removing validators under the new Solana Foundation regulations
HIVE’s Bitcoin output jumps 49%, but mining revenue still falls
Asia-Pacific stock markets follow the overnight rally in US tech stocks, with South Korea's KOSPI up 5% at the open, SK Hynix surging more than 7%, and Nikkei 225 rising over 2%.
This round of rebound occurred after the market experienced severe turbulence. Last week, concerns over the potential for stricter regulation of the artificial intelligence industry, due to the US Congressional election results, triggered a large-scale sell-off in chip stocks. Several market participants believe that this rebound indicates investors have not abandoned the AI trading narrative, and last week’s sell-off was more about position adjustments rather than a trend reversal.
Crypto prices
More
