Bitcoin (BTC) and the bulk crypto market are sending mixed signals to investors. On the one hand, there is Bitcoin, which shows low volatility with decreasing trade volume and decreasing liquidity, while on the other hand there are altcoins with more than 100% explosion.
The leading cryptocurrency Bitcoin’s liquidity and transaction volume are highly likely to switch to altcoins, and therefore the price of BTC may not recover until altcoins start to receive their final earnings.
When we examine Bitcoin in the short term, a few factors have the power to affect the next trend of Bitcoin.
At the time of writing, Bitcoin (BTC) is trading at $ 9,176. This price range is the same level that the leading crypto asset traded over the past week. Several times, even though buyers have tried to cause significant mobility, attempts to this movement have all been short-lived. This consolidation phase continues to emerge despite strengthening foundations.
One of the most important metrics for Bitcoin at the moment is the amount of BTC held in exchanges. There is a significant reduction in the number of BTC available on the stock exchanges, and this is evidenced by the evidence that investors have adopted a long-term investment strategy.
According to the statement made by an analyst recently, there are some main factors that will determine which direction Bitcoin will trend in the next stage. The first of these factors is that Bitcoin needs to stay above the average of 100 days and 200 days, the second factor is the accumulation in volume and finally the number of BTCs in the exchanges. These factors are among the main factors that will determine the trend of Bitcoin.
The realization of these factors will primarily depend on Bitcoin’s medium-term heavy resistance, which ranges between $ 9,500 and $ 10,000.