2024

Bitcoin

Strong

Rise

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/will-bitcoin-rise-again/" data-wpel-link="internal">Will Bitcoin Rise Again?</a><br></p>
<p style="text-align: justify">Now that the most exciting week of 2024 is behind us, investors thought a bit of selling wouldn’t be a problem. Eventually, the BTC price fell to $41,700 and at the time of writing stands at $42,400. So what do the latest data tell us? Will there be another rise in <strong>crypto</strong> currencies?</p> 
<h2 style="text-align: justify" id="will-bitcoin-climb">Will Bitcoin Climb?</h2> 
<p style="text-align: justify">We saw serious fluctuations in the spot price as a result of demand/sales in futures, which will continue in the coming period. As for today, the long-short ratio in <strong><a href="https://en.coin-turk.com/binance-announces-new-altcoin-and-staking-opportunity/" data-wpel-link="internal">Binance</a></strong> Futures has reached the highest level in recent months. This reflects the sentiment of investors waiting in futures that a local bottom has been set after the recent drop. In other words, they are expecting a rise.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-302791 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/01/Binance-LongShort-orani.png" alt="" width="686" height="505"></p> 
<p style="text-align: justify">According to The Block’s Data Dashboard, the ratio, which has been falling since the approval of multiple spot bitcoin exchange-traded funds, has risen much more rapidly to 2.86. In a situation where an equal number of investors are in long/short positions, this is pegged at 1. Therefore, a 2.86 ratio very clearly reflects a strong expectation of a rise.</p> 
<h2 style="text-align: justify" id="cryptocurrencies-could-rise">Cryptocurrencies Could Rise</h2> 
<p style="text-align: justify">The metric that has reached the highest level in recent months had previously dropped to the 0.86 region, and the current recovery is promising. Coinglass data also confirms this, indicating that dominant long positions are pointing to a rise.</p> 
<p style="text-align: justify">Current position data on <strong>Coinglass</strong> shows that 42% of investors have adopted a bullish stance, with only 22% taking a bearish position. The remaining percentage consists of neutral positions. The problem is that in such situations, we can see prices moving in the exact opposite direction of expectations due to being in a crowded place.</p> 
<p style="text-align: justify">We have repeatedly seen prices drop speculatively “for the hunt” when liquidation data accumulates at ranges attractive to market makers and large investors. Strong spot demand is also needed to prevent this.</p> 
<p style="text-align: justify">If ETFs see strong volume after the US stock markets open tomorrow, and if big <a href="https://newslinker.co/" data-wpel-link="exclude">news</a> starts coming in regarding ETF integrations and support, this could provide the spot support. On the other hand, although there is no major development on the macro front this week, a Fed meeting will be held at the end of the month after bad data comes in.</p> 
<p style="text-align: justify">For now, the macro front is negative, crypto is focused on profit-taking, and there is a dominant bullish trend in futures, but BTC is not rising.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/will-bitcoin-rise-again/" data-wpel-link="internal">Will Bitcoin Rise Again?</a></h5>

Will Bitcoin Rise Again?

Table of Contents

COINTURK NEWS

Other articles published on Jan 15, 2024

Argentine Tenants Lead Crypto Adoption, Pay Rent in BTC Under Novel Contract – Pesos Out, Bitcoin...

Polkadot 2.0 Experts Weigh In on Solana Killer’s Potential

How BAYC, CryptoPunks have acted since Elon Musk’s latest decision

A Trump re-election could mean ‘friendlier’ crypto laws, GOP lawmaker says

MicroStrategy’s Michael Saylor Warns of Deepfake Video Scams on Social Media

Harga SOL Diprediksi Akan Cetak Tertinggi Baru di Tengah Kekhawatiran Pasar Terkini

Join our free newsletter for daily crypto updates!