After trading below $ 9,000 for the whole day, Bitcoin again managed to reach this level for a short time today.
BTC has not yet recovered from its bottom of $ 8,600, but $ 9,000 remains an important psychological level that a number of analysts are monitoring.
According to cryptocurrency tracking resource Skew.com , approximately $ 2 million in short positions have been liquidated by this upward jump. Although the amount is large in itself, for the platform it is quite low.
The bulls don’t seem to have enough strength, as the price is several times close to $ 9,000, which signals that there may be a deeper correction before we return above $ 9,000.
According to IntoTheBlock , a blockchain analysis company, data from the BTC chain and the order book outline bearish views on the cryptocurrency.
Five of the seven indicators the company uses are in sword territory, supporting the downward trend that began last week.
Glassnode wrote the following in support of this claim.
“GNI fell 13 points this week, and since BTC is no longer testing $ 10k, we may see regression to bearish territory if chain activity and overall market health continues to deteriorate.”
In addition to the current bearish trend, there is a wave of capitulation among miners. Those who pay too high prices for electricity or use old-generation mining machines have been forced to close.
Hash strips also confirm the drop in the hash rate. On Monday morning, we saw a bearish cross at this indicator, which often precedes several serious declines in the past.