Bitcoin crosses 40000 dollarss hould you remain cautious
Last weekend Bitcoin sored $40,000, and mass investors were happy to see such rapid growth. Yet the whales did not get very happy about it. The bear feels it is a pseudo climb, and it will fall eventually. Around mid-July, Bitcoin crossed the 40,000 dollars mark and then bounced back to 36,000 dollars.
Bitcoin is not showing a significant recovery status.
The best way that the traders’ optimism current trading process is by measuring the gap between monthly contracts and the current spot market levels. Healthy price maintenance of bitcoin in the market in the year 2021, the market should be in a range of 5% to 15%, and the market is expected to maintain the field. But if the bears lead a setback, the positive indicator quickly switches to negative.
Bitcoin 1-month futures premium (basis) at Huobi. Source: Skew
According to the above give chart, since the past one month, the overall crypto market wasn’t able to recover and go more than 5% to 10%. There was a significant negative fall for the past few months, but right now, the situation has stabilized, and traders from both sides (bulls and bears) believe it is neutral.
The definition of the current market is neutrality and fear no more.
We define neutrality when the figures roll between negative 10% and positive 10% making it more stable. There was an approx. A negative 25% between May 14 and July 24 was a symbol of fear for the traders. Although recently Bitcoin climbed up to $40,000, it wasn’t enough to start making profits for the bulls as the indicator remained neutral at negative 4%.
Recent studies have shown no sign shortly that there will be any bullishness from professional traders. The 35% hike in Bitcoin last month has eliminated the fear between the traders, but it was never good enough to flip the game sentiment.
The ideas and views expressed here are merely those of the author and do not necessarily reflect the opinions of Blockchain TradeIn. Moreover, every investment and trading option involves risk; you should conduct your own research when deciding.
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