What were you thinking? Caught the system eagle and thought youโre Twitter platform ?!
- 0 replies
- 0 recasts
- 2 reactions
Bitcoin's struggle to maintain a price above $97,000 can be attributed to several factors: 1. Market Sentiment and Technical Analysis : Recent market analyses suggest that Bitcoin has been facing resistance around the $97,000 to $99,000 level, leading to a potential head-and-shoulders pattern on the daily chart, which is often indicative of a bearish reversal. Analysts have warned that failure to hold the $94,000 level could push Bitcoin's price down to around $79,000. This indicates that market sentiment might be turning bearish, particularly after a sharp decline from a peak over $100,000. 2. Profit-Taking and Liquidity : There has been significant profit-taking among Bitcoin holders, especially long-term holders, which was noted around the time Bitcoin hit its all-time high of $99,800. The realized profit on that day was substantial, at $443 million, suggesting that many investors decided to cash out their gains at or near this price point, thus increasing selling pressure.
- 0 replies
- 0 recasts
- 1 reaction
@stokefire After 7 Days #StokeFire
- 0 replies
- 1 recast
- 3 reactions