Analysts predicted the future of the bitcoin exchange rateThe market value of the flagship cryptocurrency bitcoin (BTC) has fallen 3.75% in the past 24 hours, as of 1:40 p.m. Moscow time on Feb. 10, 2023. The virtual asset was trading at $21,845 and many industry experts wondered what would happen next. They noted: the price drop was a reaction to news from U.S. regulators about a possible ban on steaking.
Analysts tried to understand what to expect on the BTC/USD chart for the foreseeable future. "Is the bear market back or are we just having a slight correction?" was the question asked by famous strategist and Eight founder Mikael van de Poppe. Popular Crypto trader Tony, meanwhile, said he sees the $21,400 mark as a potential bounce zone if losses continue to materialize.
The expert noted that it is possible to open a short position and his next target was exactly at that level. He also stressed that if we see a retest at $22,300 - it could be a chance to enter the market again.
Coinglass researchers assured that yesterday, February 9, 2023, the volume of liquidations of long positions only for bitcoins amounted to $64.6 million. As for the whole market, including altcoins, the total volume of longs closed during the day was $254 million.
One of experts of analytical platform CryptoQuant, noted: in one hour candle liquidations for $24.3 million were made. such result the market did not fix since November 2022. The last time this happened after the collapse of the FTX trading platform.
Another Venturefounder trader, argued: if the rate in the pair BTC/USD holds above the 200-day moving average (DMA) or about $20,000 (or even $19,000) as a support level, it could have serious consequences for the market. He noted that it would be a clear confirmation that a local price bottom has been established at $16,000.
