Bitcoin is trading at $ 54k this morning with 2% selling transactions. The sale of 4.9K BTC in a single transaction yesterday and India's blockade of cryptocurrencies created fear in the markets. Although there was no disruptive effect in the basic sense, this single item transaction restricted the movements of BTC, which was at the top, and the market was subjected to a cumulative sales movement led by the main currency. However, according to the Market Value / Realized Value ratio, Bitcoin was not at a premium even at $ 60,000. Therefore, my interpretation of the current retreats is that there is no transformation or change that could cause panic. Stable coin amounts in stock exchanges also indicate that the market is not shrinking.
When we consider BTC / USD technically, there is a recovery over here again, even if it is slightly below the bullish channel within the withdrawal. The two minor descending channels that have been formed since the 62K peak are past the $ 55,100 and $ 58,400 levels, which correspond to the Fibo'78.6 slice. I cannot see a technical negative image in Bitcoin, where the upward trend continues. The outlook is bullish.
PLEASE CONSIDER! These are all my personal expectations, ideas or opinions and they are not an investment advice.
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