We were expecting a pullback on the Bitcoin side, based on both technical and Onchain analyzes we had done on the Bitcoin side. According to W’SJ reports during the night, the news that ‘SpaceX sold Bitcoins worth 373 million dollars’ started to spread and we had a serious pullback, but the news has not been confirmed yet. In addition, the Chinese real estate giant Evergrande’s filing for bankruptcy also increased the fear in the markets.
In the following hours, we can say that the news that the SEC, which we follow from CryptoPNZ, can accept the futures ETH ETF application, put an end to the withdrawal. In this process, 1.04 Billion dollars worth of transactions were liquidated in the crypto money markets within 24 hours, and 80.11% of them were Long transactions.
So What Are The Current Situations On The Bitcoin Side?
When we look at the derivative exchanges in general, there was a serious decrease in the number of open transactions on the forward side with yesterday’s decline, and they were either liquidated or the owner of the transaction closed it himself.
The currently open transactions on the Bitcoin side are mostly Short. When we look at all cryptocurrencies that can be traded Long or Short, it seems that there is a Short weight on that side.
Spot purchases for Bitcoin look a bit better than Long transactions on the futures side, but we need to see an increase in this purchasing power for the rise.
After 18:00, the SEC Grayscale Bitcoin ETF application decision is expected to be announced, which will probably be postponed to a later date.
Bitcoin Pinpoint Technical Price Analysis
What happens to BTC now?
Can BTC be bought from here?
The downward trend in BTC still continues. The area it is in is a very risky area. I don’t think the declines are over for now. He can retest the place where he put the needle down.
Close support in BTC $26,149 STOP! A 1 or 2 hour candle close under this price may continue the decline.
BTC key support $25,760
Also, as BTC is currently above support, the situation is a bit good. But let’s be careful. Let’s not open a trade without a stop.
Continue on support
Support break STOP!
Let’s move on to the closings. Let’s not open trades without stop
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