Bitcoin [BTC] enters a key accumulation zone, while derivative traders continue to sell. Will BTC’s rally materialize?
The event saw its price drop from $90,000, which it had held since the 15th of November, trading below it on the 24th of February, putting it at a loss of 17.47% in the past month.
To trade in this area, Bitcoin needs to see a price drop of 15 to 20%—a decline it has recently recorded.These levels, as seen on the chart, are characterized as shopping areas because two major activities occur: the historical accumulation of BTC by market participants and investors capitalizing on the overreaction that led to a price drop.
On the chart, BTC could be on the edge of replicating the move that led to its price surge after a sharp decline in August, highlighted in the orange circle. Currently, a similar drop has occurred.
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