Bitcoin’s latest actions have met defeat after surpassing the $24K mark. The narrative emerged when the bellwether crypto hit $24.8K on August 11, following a nearly 10% surge from August 10. Bitcoin endured a similar fate on July 30 when investors hoped $250 was inevitable after Bitcoin touched $24.5K.
While publishing this content, Bitcoin traded well above $24K, changing hands at $24.6K. Meanwhile, analysts believe the same tale might showcase in the coming sessions. That means investors could have to wait before their expectations emerge.
Analysis by CryptoQuant stated that it might be too early for investors to cheer. The data utilized the BTC futures markets to highlight a warning move.
Furthermore, Bitcoin recently (August 11) hit a high in liquidation volume since July’s late sessions. Reports showed the exchange output bands indicated that most BTC wallets moved their assets to exchanges.
Considering CoinGlass data, Bitcoin futures market liquidations totaled $15.49B on the Binance exchange within 24 hours. Long position liquidations amounted to 48.72%, whereas shorts stood at 51.28%.
Meanwhile, the Bitcoin futures open interest rate remained elevated since July, meaning traders traded the Bitcoin market. Futures trades toppled $13.81B during this publication. Does the interest increase mean investors were shorting $BTC according to projections by CryptoQuant?
$25K? Not That Quick
Market players might expect Bitcoin to overcome the $25K mark soon as the bellwether crypto closes on the mark over the past few sessions.
Nevertheless, the sentiment suggested that the AO (Awesome Oscillator) could be otherwise. Though the AO steadied beyond the histogram midpoint exhibiting a bullish superiority, the present state also confirms bearish twin peaks.
Surprising, investors might have to stop Bitcoin from hitting $25K optimism as the BB highlighted high volatility. Meanwhile, a wait-and-watch stance remains essential as bears are yet to dominate the entire marketplace.
The crypto space has seen an improved mood lately. However, most assets are yet to confirm stable uptrends for the long-term, with bearish actions emerging after upticks. Though bears were yet to control the entire market, upsides remain limited in most assets. Time will clarify everything.