The Bitcoin price surge has reached its limit

  • The growing trend in the graphs for BTC has drawn the concerns of the analysts who have dropped in their views stating that after such a long bullish trend, the graph seems to be going slightly down in the upcoming months
  • Overly favourable funding rates indicate that the market expects additional upside and that long BTC holds substantial value
  • Important market investors and traders like Bollinger, are strongly suggesting the market traders to slowly look into exiting the market and plan and strategize accordingly

The growing trend in the graphs for BTC has drawn the concerns of the analysts who have dropped in their views stating that after such a long bullish trend, the graph seems to be going slightly down in the upcoming months, and this could be the point of setback for bitcoin. The data mentioned a $54,000 mark, but there was a lack of clarity on bitcoin’s position at the$55,000 level. A severe pressure on buying was established on bitcoin, a day before, where it reached as high as $55,700. Thursday saw an opposing trend or atleast the analysts predicted that the trend might fall, as the price achieved by btc tends to be overextended. 

Overly favourable funding rates indicate that the market expects additional upside and that long BTC holds substantial value. A large unwinding of holdings in such circumstances might expedite and deepen a downward trend, assuming one already exists. As the Crypto Fear and Greed Index data reached as high as 76%, the mindset of the investors went up along with it, this created a sense of greed among the investors. Traders and analysts feel the same and are somewhat tense with the situation. On the path back to price discovery, Bitcoin faces substantial resistance levels around $58,000, $60,000, and more, while being less than $10,000 from all-time highs at one point.

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With the growing highs, predictions say that October might experience such highs, but gradually the trend might go lower in November with the final prices showing the actual position of the crypto unit in December. Important market investors and traders like Bollinger, are strongly suggesting the market traders to slowly look into exiting the market and plan and strategize accordingly. According to them the time for exit has neared. Bollinger bands measure an asset’s upward and downward volatility and are now indicating that calmer circumstances are expected. However, as the bands shrink, volatility rises.

Tags: Bitcoin, BTC, Bollinger, trends, volatility, investors, prices

Andrew

Andrew Smithhttp://thecoinrepublic.com

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing

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