Cryptocurrency analyst Capo of Crypto, who is constantly on the agenda with his statements in favor of the bear, spoke again in his statement after the recent rise in Bitcoin price.
According to the analyst, BTC price has made a bounce from the support level and is approaching the liquidity zone between $74,000 and $75,000. However, according to the analyst, volumes are decreasing during the current rise and especially the spot volume does not behave in accordance with the upward movement. According to the analyst, the price is moving against supply and funding rates are rising too quickly.
il Capo noted that the majority of those currently taking long positions against the resistance level are futures market participants.
The analyst said in his statement that whether or not the $74,000-75,000 levels are reached, he continues to exercise caution before adding further exposure to the market at this level. il Capo reported that if the Bitcoin price falls to $60,000 or lower, altcoin prices could also drop by 20% to 30%.
The analyst said he still holds ZCX, SUSHI, and AXS but is only considering adding more altcoins if the Bitcoin price falls below $60,000.
*This is not investment advice.
