Boost

DeFi

Planet

Material

<div class="intro-text"> 
 Bitcoin’s price, currently hovering above $60,000, has drawn keen attention from market observers amid signals of a potential rebound. 
</div> 
Despite recent liquidations of long positions, traders are cautiously optimistic about a price upturn, noting high bid liquidity near crucial support levels, which suggests a market ripe for a bullish reversal. 
<a href="https://twitter.com/KAProductions/status/1780271088297243105?t=MmAsmgIUezxk5xjYrc_ihw&amp;s=19">According to Keith Alan</a> from Material Indicators, heightened buyer interest before encountering significant selling pressure historically points to a specific pattern unfolding in the market. 
“Bitcoin has witnessed a notable liquidation of long positions this week, with a sudden retracement wiping out hundreds of millions in positions,” Alan remarked, highlighting the importance of increased bid liquidity in facilitating any breakthrough amidst this market turbulence. 
<a style="color: #0000ff;" href="https://twitter.com/decentrader/status/1780450980028686519?t=R_mXjCnmSruTPHe-iEuxNQ&amp;s=19">DecenTrader</a> suggested that negative funding rates, which were observed for the first time since October 2023, reflect a calmer derivatives trading environment. These periods of negative funding typically prove short-lived, and often taken to indicate an abrupt shift towards bearish sentiment, with shorts now paying longs. 
Despite this, Bitcoin faces downward pressure after a 15% weekend dip. Based on Elliott Wave Theory, analysts eye a potential bottom around $59,000, as <a style="color: #0000ff;" href="https://twitter.com/mark_cullen/status/1780083936921575872?t=De7Ln7uY05qx0sXXGf0Jrg&amp;s=19">outlined</a> by Mark Cullen, who anticipates a final downtrend to reach this level. 
“Bitcoin could still experience one last dip to complete Wave C of its larger corrective formation,” <a href="https://twitter.com/mark_cullen/status/1780083936921575872?t=De7Ln7uY05qx0sXXGf0Jrg&amp;s=19">noted </a>Cullen, speculating that such a move could occur soon. 
Analysts such as Matthew Hyland are closely monitoring the weekly close for insights into the duration of the current pullback before a potential return to previous highs. Hyland’s adjusted cumulative value days destroyed (CVDD) metric suggests that BTC/USD may linger below previous peaks before attempting to challenge them once more. 
While deeper corrections remain possible, analysts do not anticipate the current downward momentum to escalate to the panic levels witnessed during the cross-market crash of March 2020. Instead, traders are vigilant, analyzing price movements and liquidity levels for indications of Bitcoin’s next trajectory. 
ALSO READ: <a style="color: #0000ff;" href="https://defi-planet.com/2024/04/expert-forecasts-100000-price-target-for-bitcoin-cites-supply-dynamics-and-global-liquidity-boost/">Expert Forecasts $100,000 Price Target For Bitcoin, Cites Supply Dynamics and Global Liquidity Boost</a> 
&nbsp; 
Disclaimer:&nbsp;This piece is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence. 
If you want to read more news articles like this, visit <a style="color: #0000ff;" href="https://defi-planet.com/">DeFi Planet</a> and follow us on <a style="color: #0000ff;" href="https://twitter.com/PlanetDefi">Twitter</a>, <a style="color: #0000ff;" href="https://www.linkedin.com/company/defi-planet/">LinkedIn</a>, <a style="color: #0000ff;" href="https://www.facebook.com/DeFi-Planet-129907662611402">Facebook</a>, <a style="color: #0000ff;" href="https://www.instagram.com/defi.planet/">Instagram</a>, and <a href="https://coinmarketcap.com/community/profile/DeFiPlanet/">CoinMarketCap Community</a>. 
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.” 
The post <a href="https://defi-planet.com/2024/04/analysts-react-to-bitcoins-current-price-movement-assess-potential-rebound/">Analysts React to Bitcoin’s Current Price Movement, Assess Potential Rebound</a> appeared first on <a href="https://defi-planet.com">DeFi Planet</a>.

Analysts React to Bitcoin’s Current Price Movement, Assess Potential Rebound

DeFi Planet

Other articles published on Apr 17, 2024

Origin Protocol (OGN) Price Rallies 10% Today, Here’s Why

🗒 Daily Newsletter | Wednesday, April 17th, 2024

South Korean Central Bank Accelerates Plans for CBDC Rollout

Spot Bitcoin ETFs Bleed Another $58M, Mining Stocks Under Pressure

Bitcoin Price Struggles to Recover: Analysts Assess the Current Situation and the Possibility of ...

Cryptocurrency Kaspa's Price Increased More Than 6% Within 24 hours

Join our free newsletter for daily crypto updates!