CoinNess.com Analysis: Longs Enter Market After BTC’s Plunging

in #coinness5 years ago

Bitcoin (BTC) has experienced sharp changes within the last two days. At the time of writing, the dominant coin is dancing around the 11,400 USDT level on Binance. Citing the analysis of Jins, the leading analyst at CoinNess.com, in the short-term run, the retracing amplitude of BTC has reached as much as 25%, which is the maximum fluctuation this year. After all, the selling pressure accumulated by the bull market is very high, so the short-term correction is bullish for the advent of BTC's larger increase.

In addition, BTC's dramatic retracement will not alter investors' trading enthusiasm. Though BTC failed to break through $14,000, it may be heading towards the bull market after enough strengths are accumulated. In particular, the amount that longs buy BTC has reached a new high in a year, which is a clear bullish signal.
With respect to the trading volume, the total volume of cryptocurrency stays upon $120 million, which is a result of 48-hour vibration as well as the most intense trading in the history of cryptocurrency. Judging from the short-term performance, BTC's turnover rate keeps a high level, and the new bulls are taking over during the price tumbling, which is a positive factor for stabilizing the BTC price as well.
The profit-making results are not favorable for investors who are holding cryptocurrencies with a small market cap, for the market cap of altcoins experienced a record low. Though BTC also plunged by a wide range, it still holds a much larger market share. Within the period of 24 hours, BTC's market share dwindled to 62.3% from 63.2%, while its rising is still in excess of that of altcoins. In this respect, the likelihood for BTC to climb is thick.

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