How will BTC break out of the two-month sideways struggle?!!
I've really had enough of the two months of sideways volatile market!!!
I've summarized some current bearish factors for $BTC, not sure when these negatives will fully materialize:
1. Bitcoin has been hovering around $81,000, which is the cost line for ETF holdings. If it closes effectively below this price, $70,000 will become the next target range in the medium term.
2. Bitcoin has successively lost the $83,000 and $82,000 support levels. Within one hour, the market long positions liquidated exceeded $70 million. Among them, a large holder liquidated 121.33 BTC at once, corresponding to a value of $9.91 million.
3. A whale exchanged about $159 million worth of Bitcoin for 64,545 Ethereum over 11 days. This operation bets that ETH will outperform BTC later, with a related position size of about $155 million.
4. The short-term unrealized profits of large holders have shrunk significantly: from $9.8 billion on September 22 to only $4.6 billion on October 20, a drop of 53%. At the same time, whales transferred 10,605 BTC to exchanges in a single day, which is 2.8 times the 30-day daily average.
#Institutions continue to build positions, so why is BTC still under pressure?
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