Naeem Aslam
Zaye Capital Markets
Bitcoin
Bitcoin prices seem to be stabilising after experiencing a massive sell-off. It seems like the massive selling pressure that we saw for the past two days is over. Crypto investors have started to see the current sell-off as a healthy correction and as an opportunity to add to their positions. We have seen a number of funds adding to their positions during this sell-off, and the fact that institutional money is adding more Bitcoin to their portfolio is a sign of further confidence.
In terms of technical analysis, on an intra-day time frame, such as the 4-hour time frame, the Bitcoin price is showing early signs of the bear rally losing its momentum. There is some evidence that the BTC has started to put in higher lows, although we still need to higher highs forming. The price is in battle with the 50K price mark, and once it has cemented this price level as a support and continues to trade above this, it will be a clear sign that Bitcoin price is heading for a new high.
The information is purely for education purposes only and cannot be perceived as an advise.
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