CandleFocus Bitcoin (BTC) Shows Buy Signal, but Downside Risk Remains
2024-10-03
Author: Content Editor
The cryptocurrency market has experienced a decline, resulting in liquidation of 97,602 traders and a combined value of $274.73 million. Bitcoin's price has dropped by 1% and its trading volume has decreased by 20%. However, a key on-chain metric, the market value to realized value (MVRV) ratio, is indicating a buying opportunity for BTC contrarian traders. A negative MVRV suggests that the market is oversold and the asset may be due for a rebound. Some traders have already begun accumulating Bitcoin in response to this buy signal. However, caution is advised as there is still potential downside risk in the market. The Relative Strength Index (RSI) is currently at 44.88, indicating selling activity outweighs buying pressure. If selling pressure intensifies, Bitcoin may drop to critical support levels at $58,518 and $54,899. On the other hand, if market sentiment shifts to bullish, Bitcoin could rally towards $64,367.
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