A Certain Bitcoin Indicator is at a Critical Point: Crypto Analyst
A Certain Bitcoin Indicator is at a Critical Point: Crypto Analyst
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- Cryptoquant identifies Spot and Futures to be leading Bitcoin rally and decline respectively.
- The Bitcoin buying trend remains strong, but volume is dropping.
- Bitcoin’s conflicting signals put traders on the alert.
A Cryptoquant analyst, Wenry has indicated that in January, it was the spot market that heralded the rally in Bitcoin price. On the other hand, futures took the driving seat ahead of Bitcoin’s decline. According to Wenry, Bitcoin still retains a strong buying trend, but the trading volume is in the fall. Not just that, but the indicator has reached a critical point of overbought.
#Bitcoin’s rise in January was led by Spot, while decline was led by futures.»Technically, the strong buying trend is continuing, but the trading volume is declining and the indicator has reached a critical point for overbought.»by @WenrySeoul Link
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