- Bitcoin price has been relatively stagnant
- Bitcoin bulls seems to be weakening out
- BTC needs to remain over the $9k level to continue upsurge after consolidation
Bitcoin News Today – It appears that Bitcoin bulls are beginning to weaken out, as the digital currency has been somewhat stagnant over the past day. Bitcoin has been trading in a tight range over the past day; the digital currency has been moving between $9,250 and $9,450. At the time of writing, the digital currency is down by about three percent over the past day, bringing BTC to USD price to $9,235.
The massive upsurge in the price of Bitcoin (BTC) last week came in very handy in scaring off the bears. Nevertheless, the bull market has failed to continue and it is causing high leveraged long liquidations at digital currency trading platforms. This might signal the exhaustion of buyers in the near term.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin (BTC) Bulls Are Weakening
Over the past twenty-four hours, the total amount of longs liquidations reported at BitMEX is 38.05 million. Furthermore, longs worth about $10M were liquidated at BitMEX over the past six hours as well. However, the sentiments of HODLers seems to be pretty much intact, as the fear and greed index is stable over 50 after the price of Bitcoin (BTC) surged.
Hence, the downward correction and stagnation could also mean consolidation before another major upward move. The BitMEX funding rate has been showing signs of long inclination, as it has been positive since last week.
Another Bitcoin Bullish Breakout Is Around the Corner
A digital currency trader – CryptoFibonacci – recently tweeted that there is another bullish breakout around the corner. In a tweet, he said:
“Still a gap below, price is hugging the upper Bollinger Band but is above the 50 exponential moving average (bullish). If me, I would be watching some kind of red to green type of day coming up. Squeeze indicator has now fired off to the long side.”
Whales usually trade against the tide to make profits from smaller traders; this is a well-known trend. Besides, the recent upsurge was also heightened by an array of short squeezes of BTC derivatives. As such, chances are the forthcoming bearish trend could reinitiate with a massive selloff. Bitcoin needs to hold gains over the $9,000 mark to continue the upsurge after consolidation.
Nevertheless, a bearish break would retest the 200-day moving average that is presently at the $9k level. The 100-day moving average at $9,615 mark on the daily, is acting as a hurdle point for the digital currency.