CandleFocus Bitcoin May Be More Vulnerable to Negative News Near $100K, Data Suggests
2024-11-25
Author: Content Editor
Bitcoin's price approaching $100,000 is a sign of strength, but it is also vulnerable to potential negative news, according to the order book skew ratio. The ratio shows that buyers have pulled back as prices near six digits, leaving sellers in a dominant position. This imbalance means that even the slightest negative news could lead to a notable price correction. The recent decline in Bitcoin's dominance rate and the drop in overall market liquidity further support the possibility of a correction. However, if a breakout above $100,000 does occur, it could be a violent one due to the decreased market depth.
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