BitcoinShort
Bitcoin Nearing $100k: Signs of Weakening Demand?
Bitcoin is showing signs of hesitation as it approaches the key psychological level of 100k. This highlights the market’s tendency to react to round numbers with caution and consolidation.
The On-Balance Volume (OBV)—a tool that measures price action and volume—has broken its usual pattern. Historically, OBV tends to lead price by signaling divergence (volume and price moving in opposite directions) or convergence (moving in sync). Right now, normal buying and selling volumes are diverging, with diminishing volume on each bounce. This suggests weakening demand, as bids struggle to sustain higher prices.
Given Bitcoin's role as a market anchor, it might be prudent to reduce exposure to leveraged positions and speculative trades. While some altcoins may defy the broader trend, they’ll be harder to predict in this environment.
What’s your take on this setup?
(DISCLAIMER): This is not investment advice. Trade and invest at your own will.
The On-Balance Volume (OBV)—a tool that measures price action and volume—has broken its usual pattern. Historically, OBV tends to lead price by signaling divergence (volume and price moving in opposite directions) or convergence (moving in sync). Right now, normal buying and selling volumes are diverging, with diminishing volume on each bounce. This suggests weakening demand, as bids struggle to sustain higher prices.
Given Bitcoin's role as a market anchor, it might be prudent to reduce exposure to leveraged positions and speculative trades. While some altcoins may defy the broader trend, they’ll be harder to predict in this environment.
What’s your take on this setup?
(DISCLAIMER): This is not investment advice. Trade and invest at your own will.
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