Bitcoin is on the Decline: 107 Thousand Dollars Possibility on the Agenda
Bitcoin's Decline and Expectations Among Traders
Bitcoin (BTC) price fell more than 3% this week, breaking below critical support levels. This has led to increased calls to "buy low" on social media. However, analysts say this could be a reverse signal.
Bitcoin fell more than 3% this week to $111,590. The price fell below the carefully watched 50 and 100-day simple moving averages. Both indicators have lost their upside momentum for the first time since April.
Increased Interest on Social Media and Liquidity Analysis
However, the number of "buy low" mentions on social media platforms reached its highest level in the last month, indicating an optimistic mood among retail investors. According to data tracking platform Santiment, social media trends show that such a surge in sentiment is often interpreted as a contrary signal. That is, the ongoing price pullback could deepen.
Santiment said, "Prices often move in the opposite direction to the crowd's expectations. In this case, if retail investors think the $112,200 level is a buying opportunity, there could be a bit more pain to come. When the crowd loses its optimism and starts to sell its losses, it's time to buy," he concluded.
Liquidity Analysis Highlights
Liquidity analysis also points to the potential for prices to move lower. According to data from Hyblock Capital, the deepest liquidity cluster is observed at $107,000. This level could act as a magnet with the potential to pull the price down.
Liquidity in the order book refers to the density of buy and sell orders for a given asset at various price levels. High levels of liquidity have the capacity to absorb incoming supply and demand. Large liquidity levels like $107,000 can stabilize market prices. Furthermore, traders often place buy orders at these levels in the hope that the price can rise, which creates a support effect in itself.
Hyblock also notes that there are smaller but growing pools of liquidity at $109,000 and $111,000.
⚖️ Yasal Uyarı:Bu içerik yatırım tavsiyesi niteliği taşımaz. Yatırımlarınızla ilgili kararlarınızı kendi araştırmalarınız ve risk profilinize göre almanız önerilir.
Bitcoin, BTC, buy low, decline, liquidity, investor, social media
İlginizi Çekebilir
.png)