Bitcoin Showing Signs of ‘Short-Term Fatigue’ Near $50K Ahead of Possible Continuation
Bitcoin recently has seen a drop in buying volume which has made a lot of people believes that the price will fall that is why people are shorting and shorts are growing.
Bitcoin fails to rise to $50,000 and $50,000 during the weekend trading, and is beginning to show signs of profit taking for the short term.
According to coindesk data Bitcoin who is the biggest crypto in the world is down by 2.4% over a 1 day period and is currently changing direction to $43,000.
Even at that bitcoin is up 56% year-to-date in returns because of a bullish buying force by retail traders which saw bitcoin rose from $38,000 to $50,000 last year.
Recently the price of bitcoin has rebounded strongly to the up side but this upward move by bitcoin is showing some signs of weakness lately that may cause a pull back in price before hopefully continuing with it's uptrend.
Low level of bitcoin trading continues as bitcoin fails to edge above the $50,000 price target while short positions keeps building according to reports pointing towards a return to prices around the $43,000 area.
Other crypto currency project in the top 20 according to coin market cap are solana, ada, xrp and stellar have done the same as bitcoin over the same period.
Let keep watching anything can happen remember crypto currency is unpredictable sometime. 12 years ago nobody could have believe BTC will be this price so let us keep observing.
Yea but technically there is a bearish pattern that is show that bitcoin may retrace to 37k