The indicator shows that the Bitcoin selloff may be running out of steam. This selling pressure has set off shockwaves across the cryptocurrency market, causing altcoins to experience sell-offs that have erased most of their recent gains.
However, one trader is specifically signaling that the cryptocurrency could be about to see the end of its ongoing selloff, as one indicator points to a slowdown in downside momentum. A break below this level would hit the macro market structure of the cryptocurrency and potentially lead it to see more losses in the days and weeks to come.
The cryptocurrency decline has slowed in this price region, indicating that there is some buying pressure here. Discussing the short-term outlook for the benchmark cryptocurrency, a trader explained that a downward expansion of the BTC delta seems to indicate that a move to the high region of $ 10,000 is imminent.
The next few hours and days should offer some insights into the current state of both Bitcoin and the crypto market.
