Sell pressure lowered the level of profitability. According to Glassnode data, the percentage of Bitcoin addresses in profit is now at $61.47%.
Whale activity suggests prospects of a potential bullish relief.trading exposed the inherent risks on the market when interest rates surge. In BTC’s case, many traders are forced to liquidate just so they can afford to keep up with debt due to rising rates.It is no surprise that the U.S Federal Reserve’s decision to keep rates high is associated with Bitcoin’s recent bearish sentiment.
The FED is not expected to decrease interest rates substantially unless the level of inflation goes below the 2% level. It might take a while before inflation levels are down to favorable levels. This means interest rates may not favor a substantial Bitcoin surge . However, that might be subject to treasury bond dumping. Such a situation could force the FED to intervene and lower interest rates.Evaluating the possibility retesting the $20,000 price tag
Bitcoin might be oversold after the recent crash but that does not necessarily negate more downside possibilities. Peruvian Bull’s analysis suggests that there could be another wave ofCan Bitcoin really drop from the current level? Well, the recent sell pressure lowered the level of profitability. According to Glassnode data, the percentage of Bitcoin addresses in profit is now at $61.47%. This means there is still more room for another shakedown.
A substantial price drop usually triggers some accumulation, which in turn offers some short-term relief.
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