Let us check the crypto market. Network activity and on-chain indicators signal short-term bearishness, atop the bearish rejection. Researchers at Santiment the address activity on Bitcoin blockchain has been slowing.
Declining fundamentals when the market uncertainty intensifies can cause heightened levels of selling pressure.
The researchers asked why $Bitcoin continues to see drop-offs occur whenever they near eleven thousand dollars. So, their DAA Divergence model indicates that the network sees a severe lack of address activity. In the past six months, today is the fifth most bearish output.
Metrics and on-chain indicators are medium to long-term signals in the market. Thus, often, they do not accurately depict short-term price trends. Therefore, the price of Bitcoin will most probably depend on whether it risks falling to a low $10,000s or retests $11,000.
Nevertheless, other analysts see bullish signs. For example, the difficulty hash ribbon indicator has been signaling a ‘buy zone’ for Bitcoin in the market. It buoys the medium-term bull case for Bitcoin.
Crypto Market
All in all, the price of BTC saw a sudden pullback from $10,950 to $10,630 overnight. So, trades have mixed feelings. After that, traders have mixed feelings.
So, Bitcoin recorded a three percent drop in the market. Following the rejection at $11,000, the sentiment of traders remains mixed.
Some are cautiously optimistic under the premise that Bitcoin reclaims the $10,700 level. Analysts say that in the near term, the pivotal price for Bitcoin, the $10,7k area is critical.
Some say that the price trend of Bitcoin has reversed in the short term, after its rejection. The intense reaction of Bitcoin to a crucial resistance level at $11,000 presents a threat of a broader pullback.
According to a pseudonymous trader ‘Byzantine General,’ there are three key macro levels for Bitcoin in the market.
The three levels are found at $11,800, $10,700, and $9,800, with $10,7k presenting a near-term roadblock for Bitcoin.
The trader said that $10,700 is a key level.
It is the current news of the Crypto Market.
