BTC on the brink: Will history repeat as market sentiment shifts?

BTC on the brink: Will history repeat as market sentiment shifts?


Dear Readers,

There is some relief in the crypto market today as we can see a 3% up in the global crypto marketcap.

The global crypto marketcap is currently valued at $ 3.45 Tillion as of now.

BTC is currently trading at US$ 98350 from its day low of $92,175.18 registered early in the day. 

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It is often witnessing there are buyers at the low level price of BTC. This has been discussed in our earlier articles too.

The market has been in anticipation and moved the upward with the pro-crypto policies. 

But the FED Chairman's speech after the FOMC board decision to cut the interest rate by 25 basis points turned down the crypto markets.

But not only the crypto markets, but the entire global stock markets also witnessed a heavy sell off. 

The BTC dominance is at 56.67$ and the fear greed index is at 62 which is greed. 

But, many also have the sentiment that the BTC price would be moving high in the coming days.

We also have a reference in the month of December 2020, when Bitcoin experienced a 12% drop. Then it rallied 77% rally in the preceding months and moved from $17,000 to $41,000; a mammoth 136% return in just 23 days. 

A similar scenario may be unfolding now, with Bitcoin facing a 13% dip after a robust fourth quarter. 

If we see and analyse the BTC liquidation map, there are liquidities in the 99K level in the upper side and 94300 & 92200 levels in the downside.

So be cautious at these levels. 

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Let's wait and watch in this encounter. 

 

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