Amidst the ongoing fluctuations in the cryptocurrency market, the price of Bitcoin has surged by 1.7% in the past 24 hours, hovering above the $62,000 mark.
However, recent warnings from CryptoQuant, a leading crypto analytics platform, suggest that Bitcoin could face a significant downturn to $52,000 if specific key levels are violated.
This cautionary note comes amidst growing uncertainty in the Bitcoin derivatives market, with derivative traders showing unprecedented caution compared to previous halving cycles.
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Bitcoin Risky Level
CryptoQuant’s analysis highlights declining open interest and funding rates in the Bitcoin derivatives market, indicating a “cautious” stance among traders, particularly with the arrival of several institutional participants. CryptoQuant analyst Shiven Moodley noted:
At this halving, derivative traders exhibit far more caution than in previous instances. This
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