Bitcoin is holding above $37,000 but a few analysts warn that BTC price avoiding new lows “feels wrong.”
Crypto Ed, however, was not alone in his feeling of foreboding over a possible fresh breakdown.Despite taking liquidity during its brief dip below $33,000 earlier in the week, Bitcoin has not convinced everyone that the floor is truly in.
Discussing the issue, Twitter analyst TXMC Trades, concluded that BTC/USD"still needs to go lower" from the current spot price. History, it seems, supports the theory. "It seems wrong that BTC would bleed straight down from the ATH without a relief rally, only to have the reversal be front-run without properly testing the range low," he"Similar vibes to April 2018 where the $6K bounce was front-run, but ultimately collapsed. Just a gut feel."that the bounce from $33,000 had liquidated more short positions than at any point since Bitcoin's $69,000 all-time highs last November, citing data from on-chain analytics firm Glassnode.
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