How Will Bitcoin (BTC) Price Move in the Coming Days? Deribit Analysts Explained!

Bitcoin It is trying to recover after the sharp decline it experienced in August, when it fell below $50,000. At this point BTC It rose above $60,000 but failed to hold there.

BTC, which last rose above $60,000 over the weekend, faced a strong rejection and fell back to $58,000 levels.

This decline has investors worried about further declines, Deribit warns of further decline in Bitcoin.

In its latest report, cryptocurrency options exchange Deribit said that Bitcoin struggled to break the $61,700 resistance level but was unsuccessful. He said there were signs pointing to further declines.

Deribit analysts stated that despite the recent positive news in Bitcoin, the lack of price growth indicates a risk of further declines, and that despite large hedge funds announcing an increase in Bitcoin spot ETF assets in their SEC Q2 13F filings, Bitcoin’s price did not experience a significant increase and there may be further declines in the future.

“Bitcoin’s Struggle at $61,000: Is a Downside Break Imminent?

BTC failed to break the $61,700 resistance level and remains in control of this resistance zone.

Demand zones are breaking out on lower time frames.

And there is no bullish support from recent 13F filings, potentially signaling further declines.”

BTC’s Struggle at $61K: Is a Downside Break Looming?: Anand’s 19th August Trade

BTC remains under the control of the $61,700 supply zone, with demand zones breaking on lower time frames and no bullish boost from recent 13F filings, signaling potential further downside.

Trade… pic.twitter.com/tkveYb23br

— Deribit (@DeribitExchange) August 19, 2024

*This is not investment advice.