BTCUSD is struggling to maintain the jump past $10,000. On June 1, it crossed $10,300, and it went past the coveted mark again on June 10. On both these occasions, the drop that followed was disastrous.
Bitcoin created a month’s low of $8,900 today. Some sections of analysts claim this was another act of whales, whereas, the other claim BTCUSD is weak in general.
Derivatives data on BTCUSD spell caution
The current drop does not seem to be fueled by whales. BTCUSD was in a troublesome consolidation since the plunge on June 3.
Another significant decline looked inevitable if one analyzed the technical indicators of BTCUSD.
The Bitcoin data analytics firm, Skew, released fresh Derivatives data. It shows that:
- People are Bearish on BTCUSD in the short term. However, investors are more cautious this time.
- It gets more interesting when one looks at the long positions. The open positions are much higher than the shorts. It suggests that people are still Bullish on BTCUSD in the long term.
However, it is essential to understand that the Derivatives data of BTCUSD is merely speculative. It suggests that people wish Bitcoin goes up in the future.
But, whether Bitcoin goes higher or not depends on the quantity of BTCUSD taken for delivery! Currently, the data from various Bitcoin exchanges such as BitMEX, etc., shows that the wallets held with them are at alarmingly low levels!
BTCUSD technical analysis
Crypto News Aggregator App CryptoViral.
The four-hour BTCUSD timeframe shows that the last three candles have a tiny body. These are Doji candles.
Formation of Doji at such a time when BTCUSD was on the verge of a nosedive situation shows that the Bulls are fighting back. However, the Bears continue to dominate the Bitcoin market.