On-chain analyst Will Clemente reveals the price zone where Bitcoin (BTC) is likely to bottom out.
Clemente told his 493,900 Twitter followers that the $ 40,000 to $ 45,000 price zone was a “value zone” considering market conditions.
“… Personally, I see the lows of the $ 40,000 region as a value zone where it is appropriate for BTC to hit a local low, while a rally to ~ 53,000 should help get going again.”
The value zone is the average range of price where the price of the asset is closest to its true value so that it will be accepted as a buy by most bull traders.
Clemente also said that “pressure” on Bitcoin is growing after the benchmark cryptocurrency fell more than 15% in 30 days. Bitcoin is trading at $ 48,324 at the time of writing.
The source: Glassnode via WClementeIII / Twitter
The source: Glassnode via WClementeIII / Twitter
The source: Glassnode via WClementeIII / Twitter
The source: Glassnode via WClementeIII / Twitter
A funding rate above zero indicates bullish mainstream sentiment, while a negative one indicates bearish mainstream sentiment.
If the ratio of long / short or open interest increases, it means that the main price trend is supported by momentum, while the opposite is the case when open interests decrease.
Liquidation levels can affect prices as they can potentially lead to short squeezen and long squeezen.
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