Bitcoin’s recent upward trajectory has encountered resistance after reaching a record-breaking peak of over $111,000 last week. Following this new all-time high, Bitcoin has retraced approximately 4% in the past seven days, bringing its current trading price down to $105,485.
This represents a daily decline of 1.8%, reflecting cautious market sentiment and potential profit-taking among traders. In light of these recent price movements, a CryptoQuant analyst has been closely observing market dynamics, particularly concerning the launch of the Bitcoin Exchange-Traded Fund (ETF).
A detailed analysis provided by Joao Wedson, a contributor to CryptoQuant’s QuickTake platform, has shed new light on the liquidation trends observed in Bitcoin compared to other cryptocurrencies, also known as altcoins.
Join the conversation!
Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!