Bitcoin price has already “bottomed out” and is on its way to stabilizing, say Bitfinex analysts – DiarioBitcoin
By Angel Di Matteo @shadowargel
According to analysts Bitfinex, The bearish pressure could be coming to an end, giving space for the Bitcoin price to stabilize and head in a different direction.
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- Analysts of Bitfinex They presented a reading on the current state of the price of Bitcoin
- They claim that the currency “has already hit rock bottom“and that the downward pressure could end soon
- They are based on data from the derivatives market, where sales by short-term holders are already declining.
- Price of Bitcoin partially recovered after the statements of the president of the FED
It is very clear that the price of Bitcoin has been facing downward pressure in recent weeks, due to a series of events that have negatively influenced its price. However, analysts at the exchange Bitfinex They are optimistic about the current state of the market, so they consider that the digital currency is already “Hit bottom” and could now stabilize for a new journey in a different direction.
Price of Bitcoin “Hit bottom”
The analysts’ reading came to light in an interview for the media The Block, This is based on readings from the derivatives market to estimate the behavior of the Bitcoin price. There they pointed out that the indicators point to the fact that the price of the main digital currency could be stabilizing:
“Derivatives market data suggests a local bottom has been reached for Bitcoin,” analysts point out.
As for fluctuations, they claim that these have begun to decrease since “The spread between implied and historical volatility has narrowed by almost 90%, suggesting that traders expect Bitcoin prices to remain range-bound and stabilize.”While this situation poses decisions for newer investors, those who have been in this market for a longer time continue to capitalize on gains.
They believe that short-term holders’ sales may be about to end, as they are selling at a loss. “When this has happened in the past, prices have recovered as selling pressure eased.”analysts point out.
A respite for the price of Bitcoin
Analysts’ reading of Bitfinex It occurs precisely when the price of Bitcoin experienced a slight recovery during the day on July 9, a development mainly associated with the comments made by the president of the US Federal Reserve (FED), Jerome Powell.
As we noted in a previous report, Powell addressed some economic concerns on Tuesday during a hearing at the Congress of USA in which he said that the officials of the FED They still want to see more progress before cutting interest rates. However, he also spoke about the risks of keeping interest rates high, referring to other problems that the US economy may be facing.
Following these statements, the price of Bitcoin reacted positively and momentarily surpassed the barrier of USD $58,000 per unit, and although it has fallen slightly with respect to that mark for the moment, there seems to be some optimism in the market at the moment.
Let’s keep in mind that the price of Bitcoin has faced downward pressure due to the sales of BTC carried out by the German government and the compensation process of Mt. GoxThis situation led the digital currency to reach a low of around USD $54,000, from which it has already recovered in recent days.
At the time of editing, Bitcoin It is trading at around USD $57,828 per unit, a figure that is 2.8% above the values seen in the last 24 hours.
Article by Angel Di Matteo / Bitcoin Diary
Picture of Unsplash
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