Crypto even Analysis firm Alphractal has published a new market update, highlighting notable trends in the Bitcoin and altcoin markets and shedding light on potential fluctuations ahead.
Alphractal noted that there has been a recent short-term decline in cryptocurrency mining stocks, which have historically shown a strong correlation with the price of Bitcoin. However, the company highlighted an interesting dynamic:
Correlation Shift: This has historically occurred before significant swings in Bitcoin price, when the typically strong correlation between Bitcoin and mining stocks weakens.
Market Impact: Mining companies, which often hold significant Bitcoin reserves, act as influential market players. Deviations from Bitcoin’s price movements may indicate market disruptions or trend reversals.
The report also shed light on the broader altcoin market, pointing to bearish conditions:
Moving Averages: Nearly 80% of altcoins are trading below their 50-day moving averages, indicating weakening momentum.
Bollinger Bands: A significant portion of altcoins are trading below the lower Bollinger Band on daily charts, indicating potential oversold conditions.
*This is not investment advice.
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Source: https://www.bitcoinsistemi.com/dikkat-analiz-sirketi-acikladi-bu-metrikte-oynama-olursa-bitcoin-volalitesi-cok-artar/
