[시황] “Possibility of dropping to $42,000”-CoinDesk Korea Value beyond trust

Analysts believe that some signs of excess leverage from the market have been pulled out, suggesting that this could lead to higher prices.

Bitcoin rose to $51,000, recovering some of its plunging prices over the past few days. It can be interpreted that the derivatives market’s regaining stability from excessive borrowings had an impact to some extent.

■ As of 10 o’clock this morning, bitcoins traded at around $50,700 each. This is an increase of about 4% in 24 hours.

■ Over the course of 24 hours, the price of bitcoin has gone between $48,000 and $51,445.

■ Looking at the price chart, the bitcoin price was below the 10-hour and 50-hour moving averages. According to technical analysis, this is a bearish signal.

After the plunge in prices earlier this week, some analysts have determined that the price of bitcoin has retreated from its ideal level.

However, after recovering from the $49,000 mark yesterday, analysts commented that “signals of some of the excess leverage from the market were pulled out, suggesting that this could lead to higher prices.”

According to cryptocurrency analyst Arcane Research, the cost of financing for Bitcoin permanent swap transactions has recently returned to the’neutral zone’. Permanent swap trading works similarly to futures contract trading as a general way of betting on price changes in the cryptocurrency market.

On the 23rd, the bitcoin price, which once fell below 45,000 dollars, recovered to 51,000 dollars.

After the plunge in prices in the last two days, the volume of major exchanges has also decreased. For two days from the 22nd, trading volume on the eight major exchanges included in CoinDesk 20 reached about 20 billion dollars. However, as of yesterday afternoon, the daily trading volume was only 4 billion dollars.

“If you look at the technical analysis chart, yesterday’s bitcoin price is completely within the price range of the previous day,” said Katy Stockton, technology analyst at Fairlead Strategy. “Both the highest and lowest prices move within the previous day’s price range.”

“This trend serves to hold the bitcoin price down so that the threshold of $50,000 is broken.

In the short term, there is also a risk of falling below the January high of $42,000. Price support is usually at this level.”

With the sharp recovery of the sell-off, this is raising demand from investors who see bitcoin investment in the long term and buy at the bottom.

“Bitcoin has completely recovered from yesterday’s sell-off,” said Simon Peters, a cryptocurrency analyst at Itoro, a digital asset investment platform. “Both individual and institutional investors continued to buy at the point of price decline.”

MicroStragegy, recently known for its massive Bitcoin investment, announced that it has bought an additional $1 billion worth of Bitcoin.

“Bitcoin’s long-term direction is clear given that it is getting more and more support from financial and technology leaders around the world. Cryptocurrencies including bitcoin are coming deeper into our lives.” -Simon Peters, Cryptocurrency Analyst, Digital Asset Investment Platform Itoro

Bitcoin demand is also rapidly increasing in China. This can be seen from the fact that the price of USD-linked stablecoin Tether (USDT) denominated in Chinese yuan in the OTC market has been gradually rising since last week.

Ether sell-off recovers and prices recover

Ether (ETH), the second largest cryptocurrency market capitalization, traded at around $1,650 this morning at 10:00. Compared to 24 hours ago, the price is up by about 5.59%.

Ether is still in line with Bitcoin price and fluctuations. As a result, the correlation between the two cryptocurrencies has increased since the 19th.

“If you look at the technical analysis chart, Ether is still overbought,” said Stockton analyst at Fairlead Strategy.

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