Analysts at Bexplus believe that judging from the trend of BTC's decline, the current price decline continues to expand, and typical trading opportunities have not yet appeared. At this time, the hold-up situation is growing rapidly. In other words, the decline of BTC has led to a substantial increase in the hold-up, and this adjustment is not optimistic.
*hold-up situation: It means that a trader predicts that the cryptocurrency’s price will rise and then go long, however, it fell instead; or predicts that the price will fall and then go short, but it increases instead. The former is called long hold-up, and the latter is called short hold-up.
From the performance of BTC flowing out of the trading wallet, a large amount of BTC has flowed out of the trading wallet in the recent two trading days, indicating that more investors have lost money while holding crypto coins. In terms of quantity, the number of BTC that flowed out of the trading wallet on March 21st and March 22nd was as much as 24,000 BTC and 16,000 BTC. In other words, if investors believe that they are buying BTC at this time and waiting for the price to rise, it is obvious that there have been more short-term losses. The increase in the hold-up is undoubtedly the driving force for the expansion of BTC's decline this time.
In terms of indicators, the most important divergence in the BTC bull market has appeared in the near future. After BTC broke through $60,000, there was a divergence selling point at the close. The RSI indicator prompted two typical top divergence signals on February 21st and March 13th. And this time the BTC rushed higher and then fell back is the selling point signal prompted after the 2 divergence.
As the decline of BTC expands, mainstream currencies rarely survive the decline. XRP, BSV, THETA, IOTA rebounded short-term, and price increases have their particularities.
DISCLAIMER: 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.