How Will Control of Spot Market Affect Bitcoin (BTC)?
Bitcoin (BTC) and the entire cryptocurrency market are showing signs of tremendous strength. The bulls seem to have complete control over the market, but with the refusal of the leading cryptocurrency from the $ 19,500 level, the bears are in an intense struggle to gain control.
Sellers have lowered Bitcoin to the level of $ 18,800, and buying pressure in this region remains very intense.
In the short term, if the pressure of buyers continues to remain strong in this region, it seems highly likely that we will be faced with an intense force that exceeds the current level of Bitcoin and acts as a catalyst.
A popular cryptocurrency analyst stated that although the coin is showing signs of overheating, the spot market’s control of the price action jeopardizes the validity of the existing signs.
Bitcoin is currently trading marginally at $ 18,983 as of writing. This marks the zone below the $ 19,000 level for resistance mission mission. Any continued decline below this level could be serious for BTC and potentially result in further short term losses.
The ongoing decline came shortly after testing the $ 19,500 level, just a few hundred dollars below the previous all-time high.
Spot Market Takes Control of Bitcoin
Typically, the derivatives market controls the price movement of Bitcoin, which makes the use of indicators such as funding rates extremely useful. But during the current rally, market dominance is under the control of the spot market, which makes these indicators largely useless, at least for now. As one analyst put it;
Biraz çılgınca ama bu sefer aslında her şey farklı. Türevler açıkça aşırı ısındı, ancak şu anda spot piyasanın kontrolü hakim
As Bitcoin’s daily closing approaches, how the leading cryptocurrency will react to the $ 19,000 level will provide serious insight into where the entire market will head in the coming days and weeks.