Wind of recovery for Bitcoin – after terrible correction yesterday, which for a few minutes even pushed it under 43.000$, in a stop hunt which has thrown the industry into panic.
Bitcoin, with a certain stubbornness, resumed running yesterday – and today in all likelihood it will try to play for the recovery from quota 50.000$.
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Bitcoin steadily returns above $ 49,000 – the strength of the bulls
What happened yesterday morning will be remembered for a long time, particularly for those who had entered on Bitcoin at the peak of price, close to 69.000$. A wave of sales, many of them automatic, which have reduced the price in double figures and which have brought down the whole sector.
A situation that however follows the dynamics classical gods sell off, which are mirrored to those of the short squeeze. The first to pay are always the long with very high leverage, which are seen to run out of margins, close positions automatically and trigger further sales.
A cycle that stops only when automatic purchase orders are encountered, often placed on the third e latest support. However, such a decline always has the same characteristic: it is neither physiological nor organic – and therefore leaves room open to important rebounds.
In reality, however, the situation of Bitcoin we recorded yesterday was partially different. In the sense that we immediately saw a big rebound towards i 47.000$ and then a slow climb towards first i 48.000$ and then towards i 49.000$. Threshold abundantly exceeded in the morning today and which could constitute a good basis for the assault on 50.000$.
The worst is over? Let’s see some data
Can we assume the worst is over? We are on the return of a bull run that could bring you closer $ BTC back to its all-time highs? It depends. The situation, after i market they got burned, he still has some uncertainty, which we can try to define starting from some data.
- The shorts have shrunk
Short positions have reduced substantially. Just look at the chart that we attach and which signals a big drop compared to what we saw yesterday. It is a given definitive? No, the shorts can attack again in a matter of minutes. However, the situation seems to be much calmer than yesterday.
- Open interest on futures decimated
The flush yesterday reduced – and by a lot – the open positions on futures on the main platforms. This was not the case during the last bull run and during the last correction. This is also a good one sign. Bears will have less attack surface.
The world of altcoins is running, even more
Bitcoin is running, but the performance of Luna, Ethereum and also Solana they are even superior. This too may be an argument in favor of the next run of Bitcoin, since on the one hand it should soon recover some dominance and on the other hand it is entering into more growth organic within a movement bullish more generalized.
The conditions seem to be good – and tomorrow – for the reopening of the markets no longer frightened by tapering and from the news coming from Evergrande – cryptocurrency investors could take the opportunity to enjoy another part of the stay.
With a very important lesson for those who invest in cryptocurrencies. During the last crash of this level Bitcoin had reached i 29.000$, this time it stopped at 43.000$. A sign for many that in fact a significant part of the price of the bull run last has been permanently incorporated.
A good time, probably, for the medium and long term and for buy physically crypto. With Crypto.com – go here for the free account with $ 25 exclusive bonus – we can buy all the cryptocurrencies that are booming and that have lost a lot yesterday – and which therefore offer the top in terms of potential.