Bitcoin Goes Below $18,000 Again as $20k is a Hard Wall
After rising above $18,000, the top digital asset is again below the second most important psychological level after $20,000. It is very strange as the institutional inflow is coming but the price value is going down.
Negative Trend over Futures Markets
Over futures trading platform ByBt, the funding rate is standing at 0.01% over the course of 8 hours which shows the market sentiments for short positions are negative rather than bullish.
Market analysts and observers notice that institutional clients are increasing in number but the market situation is totally different. The investment firm MicroStrategy is set to buy BTC worth $550. According to Blockhead Capital’s managing partner Matt Kaye:
“The one thing I can not wrap my head around is the lack of front running on Saylor’s $550MM raise. You’d expect rational market participant to want long before that fiat is allocated. The deal is set to close as soon as tomorrow. What am I missing?”
However, some analysts expect the price downfall on the part of Bitcoin, the largest cryptocurrency by market volume. A crypto analyst with the name “Mayne of Tether” said that the world’s leading cryptocurrency has witnessed a strong market signal of “SFP” when the price value reached $19,950. According to his prediction, the price may down to the region between “$11k-13k.”
On-chain trend is another reason why the leading cryptocurrency may go down in the near trend. The prominent crypto analyst also says that consolidation of the price value is imminent. He also thinks that a reset is needed for cryptocurrency markets.
The on the other hand, there are some characters in the crypto space who believe the price value could reach six-figure as the funding rate from institutional clients is at a peak since the creation of Bitcoin on the part of Satoshi Nakamoto. According to Rafael Schultze-Kraft, the CTO of on-chain analytics firm Glassnode puts a scenario that market signals are bullish and value may surge ten times than the figure standing right now.
Glassnode, however, reported on December 8 that there are greater chances of price downfall before the start of a new bull run. “Sideways or downwards price movement can be expected as they realize these profits,” Glassnode added while giving a brief overview of the BTC markets.
At press time, the flagship cryptocurrency is standing at $17,784 after decreasing by 3% over the day. Over the weekly timeframe, the price is down 6.76%.
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