Bitcoin is trying to recover from the sharp decline it experienced in August, when it fell below $50,000. At that point, BTC rose above $60,000 but failed to hold on there.
BTC, which last rose above $60,000 over the weekend, faced a strong rejection and fell back to $58,000 levels.
While this decline has made investors nervous about further declines, Deribit warned of further declines in Bitcoin.
Cryptocurrency options exchange Deribit said in its latest report that Bitcoin struggled to break out of the $61,700 resistance level but failed to do so, adding that there were signs of further declines.
Deribit analysts stated that despite the recent positive news in Bitcoin, the lack of price growth indicates a risk of further declines, and that despite large hedge funds announcing an increase in Bitcoin spot ETF assets in their SEC Q2 13F filings, Bitcoin's price did not experience a significant increase and there may be further declines in the future.
« Bitcoin’s Struggle at $61,000: Is a Breakout Coming?
BTC failed to break the $61,700 resistance level and remains in control of this resistance zone.
Demand zones are breaking out on lower time frames.
And there is no bullish support from recent 13F filings. This signals potentially further declines.”
BTC's Struggle at $61K: Is a Downside Break Looming?: Anand's 19th August Trade
BTC remains under the control of the $61,700 supply zone, with demand zones breaking on lower time frames and no bullish boost from recent 13F filings, signaling potential further downside.
Trade… pic.twitter.com/tkveYb23br
— Deribit (@DeribitExchange) August 19, 2024
*This is not investment advice.
