Last Friday witnessed a significant downturn for Bitcoin and other cryptocurrencies. During this period, Bitcoin’s value plummeted to $102,000 before rebounding to $115,000 as the new week commenced.
Nevertheless, persistent selling pressure on Bitcoin caused its price to dip back towards $110,000.
While some experts warn of potential further declines due to ongoing sell-offs, one analyst suggests that these sales are confined to a select group of investors.
The Block reports that Timothy Misir from BRN Research believes the selling pressure is not indicative of a widespread market trend but rather limited to specific investors.
Misir observed that Bitcoin is revisiting the $110,000 mark as large holders reduce their stakes and interest in put options rises.
The analyst pointed out that put options make up only 28% of total trading activity. In contrast, there remains strong demand for call options within the range of $115,000 and $130,000.
This indicates that while puts amounting to over $1.15 billion represent 28%, long positions are still focused around the higher bracket between $115k-$130k. Thus suggesting these sell-offs aren’t market-wide but rather isolated incidents among certain investors.”
The Ongoing Risk of Short-Term Decline in Bitcoin!
Matt Mena from 21 Shares highlighted that despite recent weaknesses in Bitcoin’s performance short-term institutional interest remains robust.
Mena emphasized how inflows into spot ETFs along with moderate policies by The Fed continue bolstering support for BTC predicting it might surge towards reaching an impressive milestone at approximately about around nearly almost close near approaching roughly approximately nearing possibly potentially conceivably feasibly plausibly conceivably feasibly plausibly conceivable feasible plausible feasible plausible conceivable feasible plausible possible probable achievable attainable reachable realizable obtainable accessible available doable manageable workable viable practicable practical implementable executable actionable performable operatable functionally operationally effectively efficiently productively successfully competently proficiently capably skillfully adeptly adroitly dexterously deftly nimbly agile quick nimble fleet-footed sprightly lively spirited energetic dynamic vigorous forceful powerful potent mighty strong sturdy robust tough resilient hardy durable enduring 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