Lebanon and Israel will also hold talks in the USA next week. However, there is no statement regarding the US-Iran meeting for this weekend. While the process is progressing slowly, BTC is now heading towards the decision moment. So what is the current situation? What awaits investors at this stage?
Bitcoin (BTC)
BTC The price turned into support after exceeding the channel resistance, paving the way for 83 thousand dollars. We’ve been talking about this scenario for weeks. However, in the first stage, there is no motivation to break the new resistance. In addition, short-term investors, who have been making easy profits from short sales for months, still tend to take short positions.
Since the recent rise is at a pace not seen in a long time, investors are also motivated to take profits. Now, when new pandemic headlines, prolonged Iran tension and the pricing of the potential agreement, and the postponement of interest rate cuts until next year are added to all these, BTC lost $ 80,400.
Testing $78,738 first in the coming hours is seen as a reasonable scenario. If it fails to hold strong as support, the target will be the old channel resistance at $75,727. After this, it is likely to return to the memorized range at $70,400.
What do analysts say?
The analyst, nicknamed Mister Crypto, draws attention to the weekly BTC performance data and warns that the decline may deepen as we are on Thursday. Certain days of the week are famous for their decline and rise.
On the other hand Bitcoin funding rate negative. This confirms that investors are more bearish for the reasons we mentioned in the first part. However, Mister is among those who think this is an opportunity for ascension.
“Bitcoin Funding Rates are turning negative again. Short positions are extremely extended. We may see a squeeze at any time.”
Ran Neuner, on the other hand, is confident in the rise as BTC’s weekly RSI value has bounced from the bottom.
“Stocks are at all-time highs. Crypto hasn’t moved yet. That’s why I’m gearing up for a crypto rally!”
of BTC Its weekly RSI has risen from below 30 to above 50 only four times in history. Each time, this resulted in a sustained rally. Stocks are at ATHs. Global liquidity is starting to turn…”
