The past week was surprising for Bitcoin and other crypto markets. The market witnessed more moves to the south during the first week of this week in the majority crypto asset prices. The market saw bears enter the market within hours of US CPI data September release.
However, most tokens experienced a trend reversal. The bull appeared suddenly and caused massive volatility, pushing assets towards the north.
Bitcoin’s performance was steady throughout the weekend. During the weekend, Bitcoin held steady at $19,000. Some industry participants are beginning to wonder if Bitcoin could be the next big thing.
Possible Price Spike for Present Indicators
BTC may soon experience a stronger bullish trend, according to on-chain platforms. Based on the Bitcoin futures price, the sentiment can be derived.
Dan Lim from CryptoQuant gave support to this optimistic trend forecast. His analysis indicated that there is currently low selling pressure on the futures market for the token.
Lim says there’s been a drastic decline in the BTC amount transferred from spot exchange to derivatives since October. Lim recalled how Bitcoin’s June June low of $17.600 was maintained despite the fact that the volume has continued to climb since then. The volume of Bitcoin is currently falling sharply and negating intense selling pressure.
However, Bitcoin futures funding rates have been declining in the cryptocurrency market. It was caused by the drop in BTC’s value from $22,000 down to $19K. These occurrences are compared with 2019-2021 to see a decrease in metrics that show low demand and activity in BTC futures markets.
An analyst at CryptoQuant, Greatest_Tracker said that this indicator often leads to consolidation and range phases. An analyst pointed out that extreme negative numbers could cause a Bitcoin price rebound.
Volatility Through Bitcoin Futures’ Stance
Given the state of Bitcoin futures today, there are many forecasts that revolve around BTC. Some traders predict increased volatility due to the current market conditions.
Michael Van de Poppe a prominent crypto trader expected a price increase. However, he wrote that following four months of consolidation in prices; it’s possible to get massive market volatility. Van de Poppe pointed out that while some still anticipate a bearish trend in prices, others may be expecting a stronger northward movement.
Some traders are not happy with the global economic situation. DataDash’s founder Nicholas Merten raised concerns about macroeconomic factors. The Nasdaq Composite’s average performance was below it for the first-time in fourteen years. The weekly closing close was below its 200-week moving mean.
According to the trader, the cryptocurrency market will experience more bearish tendencies in the future, particularly BTC.
Featured image by Pixabay, chart from TradingView.com