CandleFocus According to Analysis Company, Bitcoin May Have Seen a Local Bottom: Here’s What to Expect
2024-10-04
Author: Content Editor
Crypto analytics firm CryptoQuant has suggested that Bitcoin may have reached a local bottom after a large liquidation of long positions in the futures market. Despite indicators pointing to further declines, the reduction in selling pressure could signal a short-term recovery. Over 4,000 BTC long positions were liquidated on October 1, the second-largest liquidation event of 2024. Such high liquidation levels usually occur during steep price declines but can balance the market and reduce selling pressure, potentially creating a local bottom. While the price could remain in its current range in the near-term, continued strength on the buy side is important to reverse the recent decline.
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