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CryptoXTimes > Article > News > Bitcoin Hovers Near $60K Amid Market Uncertainty
NewsBitcoin News

Bitcoin Hovers Near $60K Amid Market Uncertainty

Bitcoin stagnates near $60K amidst uncertain market, trader caution.

Aima Raza
Last updated: May 9, 2024 8:34 pm
Aima Raza 1 year ago
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Bitcoin Hovers Near $60K Amid Market Uncertainty

Bitcoin has been moving downward since early May, when it failed to break through the $66,000 mark. People thought prices would go up quickly after being cut in half, but this crushed their expectations.

A cryptocurrency analyst on X said that on-chain data shows a more complicated picture than just people not trusting recent market trends.

The expert has used CryptoQuant data to show a clear trend among traders on long-term trading sites like Binance who use leverage. Every month, 20% less people are interested in open positions because more people are losing their jobs than are getting new ones.

Traders are likely to be careful because of this change. They would rather take a “wait and see” approach until price trends change. It is important to remember that this trend does not mean Bitcoin is dead or that prices will not go upwards in the future. Instead, it’s a smart move by traders who are still cautiously optimistic about the future of the market.

Bitcoin’s Short Position Dynamics

The expert also says that the current wave of selling and doubt in the Bitcoin market is what short positions need to grow. The prices for these short contracts, which were started at spot prices, think prices are going to decline even more, maybe even below $56,500.

On the other hand, a “short squeeze” is more likely when there are a lot of short situations. In this case, when prices quickly go up, sellers have to close their short contracts, which makes their losses greater.

Even though on-chain data shows signs of improvement, Bitcoin prices are still stuck in a narrow range. Last week, bulls tried but failed to break through the $66,000 barrier, proving that momentum has stopped since May 3.

At the moment, Bitcoin is going downward and is about to hit the psychological support level of $60,000. If it falls below this level, it will fall faster toward the $56,500 level that it saw at the beginning of May.

After April 20, when prices dropped by half, everyone in the market will be very interested in how prices change in the future. Prices have stayed the same, even though the amount of funding moving into spot exchange-traded funds (ETFs) has changed. This is despite the fact that institutions and the approval of spot ETFs raised hopes. Those rates have not changed because the US Federal Reserve has not wished to. Things are getting more dire.

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TAGGED: Bitcoin, BTC, ETF
By Aima Raza
As a practicing lawyer who focuses on issues related to crypto and blockchain, Aima gives our content a unique legal viewpoint. Because she is so good at navigating the constantly changing regulatory environment, our readers always know about the latest regulations and happenings in the crypto world.
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