Market Participants Short Bitcoin This Weekend! The BTC Price May Remain Highly Consolidated
The crypto market yet again dropped by nearly 3% as the market capitalization is closely approaching $900 billion. Short-term traders are believed to have extracted their profits very quickly as the rise in Bitcoin prices uplifted the entire crypto space. As a result, the markets continue to remain within a consolidated region after undergoing a notable drop.
The upcoming weekend could be somewhat important for star crypto as investors are now keen to drag the BTC price lower. As reported earlier, the social sentiments of the top 2 cryptos have been tanking heavily in the last 6 months and display fewer possibilities of recovery. Therefore, the price may also go lower as the inverse price action may drag the asset lower, close to $18,000 again.
Have a great weekend $BTC — Trader_J (@Trader_Jibon) October 14, 2022
Many short bets have been placed on Binance with huge leverage that indicates that the investors are pretty sure of the upcoming dump, maybe during the weekend. On the other hand, the NVT ratio reached a one-month high which indicates that the transaction volume is growing faster than the coin’s market cap.
#Bitcoin $BTC NVT Signal (7d MA) just reached a 1-month high of 185.882View metric: — glassnode alerts (@glassnodealerts) October 15, 2022
Now that the investor’s sentiment is slowly turning bullish, a confirmation may compel the price to remain consolidated & prevent further plunge. Conversely, bears are also expected to rebound, which may soon disperse the rising bullish momentum.Source