Bitcoin (BTC), the world’s largest cryptocurrency by market cap is poised for a significant price decline in the coming days. Due to the ongoing conflict between Iran and Israel, overall market sentiment has turned bearish, and BTC has breached its crucial support of $62,150 level.
BTC is currently trading near the $60,700 level and has experienced a price decline of over 4.1% in the past 24 hours. During the same period, its trading volume rose by 65%, indicating increased participation from traders and investors.
According to the expert technical analysis, BTC appears bearish and is now heading toward the next support of $58,000 level. Despite the outlook, BTC remains above the 200 Exponential Moving Average (EMA) on a daily time frame, indicating an uptrend.
Despite the support at the $58,000 level, given the current market sentiment, there is also a strong possibility that BTC may decline further and reach the $54,000 level in the coming days.
In addition to the bearish technical analysis, BTC’s on-chain metrics show a weak bullish sentiment among traders and investors. According to the on-chain analytics firm Coinglass, BTC’s Long/Short ratio currently stands at 1.02, indicating a mildly bullish market sentiment.
Additionally, its future open interest has declined by 5.6% in the past 24 hours and has been steadily falling, indicating that traders have either liquidated their positions or are hesitating to open new ones.
When the long/short ratio is above 1 and open interest is declining, it means that traders are bullish but may be hesitant to build new long positions.
Recently, a prominent crypto expert made a post on X (previously Twitter) that traders on Binance, the largest cryptocurrency exchange, are seizing the opportunity to buy the dip. According to the data, 61.36% of top traders hold BTC’s long positions, while 38.64% hold short positions.
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