Analytics

BTC Chips Will Obviously Loosen, Low-price Buying Still Needs to Wait- Feb. 23rd

Analysts at Bexplus believe that the fall of BTC’s high level has not only suppressed the contractual long position, but also compressed the profitability of spot investors. For investors who chased the rise within the month, the impact of this round of decline will not fade in a short time.

Most of the investors who chased the price of high positions held their chips when the price was above $37,000. During the period, investors’ trading enthusiasm increased. In the process of high-level exchange of BTC, a considerable number of short-term traders did not make a profit, and even quickly lost money after the price fell.

The lock-up is coming, and the market will digest the selling pressure and it will not be completed in a short time. The judgment of the support level is usually at the lower limit of the high chip range. In other words, the support point for the judgment of the concentrated position of the trading volume may focus on the large range of $36,000 to $42,000.

Based on this judgment, only when the BTC breaks below $40,000, will it really touch the holding prices of more investors, and the scale of buying will be easier to increase rapidly. However, fortunately, during the short-term heavy volume retracement period, BTC buying on the Coinbase exchange increased at a faster rate, and a large amount of selling was consumed at the same time. Even in the adjustment phase, the opportunities of BTC low-price buying at high level are still expected.

The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Tag: xbt, btc market, market analysis, BTC low-price buying