A professional talked about how the Bitcoin market works now on a recent show of Crypto Banter’s “The Sniper Trading Show.” They talked about the issues traders face and how to fix them.
It’s worth about $57,403 now, which is 2.4% more than it was 24 hours ago but still 21.9% less than its all-time high in March. At a guarded 28, the Crypto Fear and Greed Index shows how cautious people are in the market. At this level, the index shows that buyers aren’t sure what to do. In the past, this has been a sign of good buying opportunities, but it’s important to think things through first.
They told people to look at longer periods of time and stressed that they have had a good view of Bitcoin since 2020, when it was worth $10,000. At $65,000 and $70,000, they found important support levels. They also warned that the market could bounce back or fall into bull traps that are supposed to get people out of debt.
Bitcoin Struggles With Resistance
People have said that Bitcoin is having a tough time keeping support above the $60,000–$61,000 level, which is now strong resistance. The fact that what used to be supports are now resistances shows that the structure of the market is changing. This could stop prices from going up even more.
The expert said that Bitcoin could get stuck in a trade range or fall into traps that would cause a lot of sales. They told buyers it was very important to be able to adapt to sudden changes in the market.
The expert added another layer to the analysis by saying that if the market as a whole gets better, a small drop in Bitcoin’s market share could be good for altcoins. This slow change could mean that altcoins are about to go up, like how Bitcoin’s value dropped before other cryptocurrencies went up.
It was recently found by a well-known researcher named Ali that Bitcoin is trading in a parallel channel on higher time frames. The TD Sequential is giving a buy signal, which means that prices may go up in the short term to around $58,300.
Ki Young Ju, CEO of CryptoQuant, was less optimistic about the current drop in miners. He said that the market might not be very exciting for a few months. He told them to think positively about the long run and not to take too many risks right now.
