Why a trader says Bitcoin is short-term bearish despite holding $30K

A pseudonymous trader known as “Byzantine General” is short-term bearish as Bitcoin (BTC) continues to evaluate the very same $30,000 assistance area.Although the price of Bitcoin is staying above an essential support level, the trader stated the cost action is not bullish. Source: LaevitasThe alternatives market has a bigger impact on the price trend of Bitcoin now than in the past because the open interest is now hovering above $3 billion.There are substantially more active alternatives agreements and alternatives traders compared to in the past. Source: Material IndicatorsConsider the high miner position indexOne of the possible factors why the cost of Bitcoin continues to range and stagnate could be the high selling pressure coming from miners.Data from CryptoQuant shows that the Miners Position Index is reasonably high, which indicates miners are transferring Bitcoin to exchanges.Since miners are one of the few external and unequaled sources of selling pressure in the Bitcoin market, a high Miners Position Index typically precedes a sell-off. If Bitcoin surges above it, there is an opportunity for a fast trend turnaround to the upside.Title: Why a trader says Bitcoin is short-term bearish in spite of holding $30K Sourced From: cointelegraph.com/news/why-a-trader-says-bitcoin-is-short-term-bearish-despite-holding-30kPublished Date: Thu, 28 Jan 2021 11:01:32 +0000

A pseudonymous trader known as “Byzantine General” is short-term bearish as Bitcoin (BTC) continues to check the same $30,000 assistance area.Although the price of Bitcoin is staying above an essential assistance level, the trader said the cost action is not bullish. He composed:” In the midst of all this turmoil, heres a bitcoin chart. Very little to do. Its bearish no matter how you look at it. However were resting on support, so no swing brief opportunity either … Its simply waiting now. > YO needs to hold.”” Options market is signaling a short-term bearish view” Analysts see a comparable trend from the alternatives market and previous Bitcoin fractals. Fractals are technical candle chart patterns that analysts normally use to compare the current price action of Bitcoin to previous cycles.According to experts at the data analytics business Laevitas, the choices market signals are short-term bearish view. They said:” As Bitcoin combination continues, put/call ratio on @DeribitExchange is at 2 today. In last 24h, seeing good buy volume on 26MAR 13000p, 9000p and 14000p. Options market is signifying a short-term bearish view.” Bitcoin alternatives traded instruments. Source: LaevitasThe alternatives market has a bigger effect on the price trend of Bitcoin now than in the past due to the fact that the open interest is now hovering above $3 billion.There are considerably more active options agreements and alternatives traders compared to before. This implies that if there is offering pressure coming from the alternatives market, it would likely have an unfavorable impact on the price of Bitcoin.Based on the fractal that analysts at “Material Scientist” discovered, both historical price cycles and the choices market information mean a short-term consolidation phase. The analysts kept in mind:” Next fractal for #BTC – 10-day prediction: Low 30ks retest and after that send it!” BTC/USDT fractal. Source: Material IndicatorsConsider the high miner position indexOne of the possible reasons why the rate of Bitcoin continues to variety and stagnate could be the high selling pressure coming from miners.Data from CryptoQuant shows that the Miners Position Index is relatively high, which indicates miners are transferring Bitcoin to exchanges.Since miners are among the few external and unrivaled sources of offering pressure in the Bitcoin market, a high Miners Position Index typically precedes a sell-off. Bitcoin Miners Position Index. Source: CryptoQuantOn Jan. 26, CryptoQuant CEO Ki Young Ju said:” BTC Miners Position Index hit the 8-year high. Theyve been moving an uncommon amount of Bitcoins recently. It seems theyre constantly understanding profits since 42k. This is one of the reasons I keep my bearish bias.” As long as the alternatives market is leaning towards a bearish short-term pattern and miners continue to offer BTC, the cost of Bitcoin is unlikely to break out in the near term.However, the $34,000 resistance level stays the essential area in the foreseeable future. If Bitcoin surges above it, there is a possibility for a fast trend reversal to the upside.Title: Why a trader says Bitcoin is short-term bearish in spite of holding $30K Sourced From: cointelegraph.com/news/why-a-trader-says-bitcoin-is-short-term-bearish-despite-holding-30kPublished Date: Thu, 28 Jan 2021 11:01:32 +0000

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Jeannine Cruz– Earnings I am known as Jeannine Cruz, I am a writer and an industrialist by profession. My age is 32 years. My aim is to gather the attention of the targeted audience without being boring and unexciting. I like to utilize the free time in writing my views and thoughts for my book lovers or readers. My most preferred articles are usually about finance and business; however, I have written various topics in my articles. I do not have a specific genre. I get very creative when I have to express myself, I often sing, write or draw to portray my feelings. When it comes to my free time or you can say ‘ME-TIME’, I love to play with my cat, sleep an extra hour, or play my favorite video games.

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