As Bitcoin attempts to set a threshold above $ 7.000, analysts are noticing that the data shows how big market investors are returning to buy Bitcoin, which could be a sign of further impending volatility in the days and weeks ahead. to come.
Traders seem to agree that this future movement will favor market bears, as the reference cryptocurrency has yet to touch its minimum levels on the popular Bitmex cryptocurrency trading platform, which means that a drop of this kind could be imminent. .
Bitcoin attempts to stabilize over $ 7.000 but analysts agree on current cryptocurrency weakness
Bitcoin has shown signs of recovery over the past weekend, when it traded at around $ 7.100, which marks a significant rise from the recent lows below the $ 6.800 seen between April 10 and 11, when the cryptocurrency has remained around this level for a long period of time.
The response to these fluctuations is certainly a bullish signal in the short term, although Bitcoin is still technically weak as long as it remains below its resistance threshold between $ 7.200 and $ 7.500.
Analysts do not seem to expect that these levels will be exceeded in the coming days, and, confirming this hypothesis, a major trader named Mac recently said that he anticipates the moves of BTC expecting it to touch the same minimum of $ 6.600 on Bitmex before it is able to grow again.
"Same lows at $ 6.600 - mex. I don't think I've ever seen the [BTC] lows remain inviolate [on Bitmex], so yes, sooner or later we'll get there, "he observed in a tweet. In essence, it appears that Bitcoin's performance on Bitmex anticipates the market in a potential bullish rebound from this level.
The buying and selling of large amounts of BTC suggests that large investors are entering the market
Red - a highly respected cryptocurrency trader - explained in a recent tweet that the huge sale of large blocks of Bitcoin that is being observed, seems to suggest that one or more significant players have decided to return to the market.
"My opinion on the displacement of these large quantities is related to the decision to return to the market by one or two weight players." However, the fact that the weekend broke the market line did not allow us to venture further forecasts.
"Currently the quotation Bitcoin's results are around $ 7.000 for OKF, ~ $ 7.070 on Mex, "he said in the tweet. This seems to imply that Bitcoin may be able to grow further as the bulls try to trap it down, and it is not excluded that we will have to go through a sharp drop in prices.