Bitcoin (BTC) carriers are likely to be too “stone-free” to keep prices much longer, according to BTC’s new price analysis claims.
In a Twitter series released on December 18, the popular Light account summarized the events that led to Bitcoin’s latest 39% correction.
Sheeps in bear clothes
The combination of smart factors from macro factors and big players has allowed retail investors to keep their bags in bitcoin and altcoin, Light explained.
That was clear before the $ 69,000 drop accelerated in the December liquidation cascade: smart money knew these levels were unsustainable and reacted.
“25% of OI derivatives have been closed or liquidated. Billions and billions have been lost. If people used to be careful, they are now very reluctant to take risks,” the branch wrote.
“Those who didn’t hear the market message a month earlier are now quickly panicking.
However, after falling behind and falling below $ 50,000, we have a new reason to choose
These early sellers are now starting to look the other way while BTC / USD has solid support and the appetite for Bitcoin is back.
“While the bulls were careful, the bass players took over the aggression, pushing the eternal base negatively in some places and building the OI, while the big players in the $ 60,000 area turned around and started to panic and short,” Nob said. Continue.
“It is likely that structural sales flows will create (or close) resources, raise them, and now consider moving in a different direction, namely the inbound procurement processes in January.”
Although narratives claim the opposite, the future of Bitcoin bears is probably not as “exciting” as it was earlier this month.
“These bears are likely to appear soon without stones,” Light concluded.
BTC / USD chart excluding trading position data. Source: Light / Twitter
Do altcoins ruin the party?
Possible talk at the wheel of altcoins, this distribution will continue to grow significantly in 2021.
Related: Happy “bear day”, Bitcoin: BTC reached $ 3.1 thousand 3 years ago
In the short term, however, Ether (ETH) will continue to “lead the market,” said Michaël van de Poppe of Cointelegraph this week.
However, the tide is changing even here because the data show that Bitcoin dominance is declining.
“Many alternative currencies have fallen 80% from their May peak. These are also at or close to support levels,” Van de Poppe told his Twitter followers.
“The atmosphere in every market is extremely teddy. I’m buying heavily. Are you?”