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NewsBTC 2021-10-28 15:18:23

Bitcoin Takes A Pause As Futures Cooldown, Why BTC Is Clear For Take Off

Bitcoin broke back above the $60,000 levels and records moderate profits in the past day. The benchmark crypto trades at $61,483, at the time of writing, with 4% profits in the daily chart and a 7% loss in the weekly. Bitcoin has slowed down from its rally after it was rejected at the high of its current levels. As NewsBTC has been recording since BTC’s price started turning to the upside, the rally has been driven by institutions increasing their bet on the cryptocurrency as its ETF was rollout in the U.S. Related Reading | Bitcoin Exchange Balances Decline To Three-Year Low Amid Rising Prices The upward trend brought a lot of leverage to the Bitcoin-based derivatives as speculators and short-term investors tried to ride the new bullish momentum. However, more leverage implies more volatility, and it can turn an upward trend fragile and susceptible to sudden moves. In that sense, as Bitcoin scored a new all-time high above $67,000, long-term holders started taking profits. This brought BTC’s price back to the high at $50,000 and a display of low volatility with mostly sideways movement in recent days. Bitcoin’s move to the downside has left market sentiment intact, as QCP Capital Capital claimed in a recent analysis. The firm believes BTC’s price is “taking a breather” after a run towards uncharted territory. The general sentiment in the market remains bullish despite the recent dip and retest of critical support at $58,...

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Bitcoin Takes A Pause As Futures Cooldown, Why BTC Is Clear For Take Off

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