Short-Term Analysis:
The market is currently volatile, so caution is advised for those shorting Bitcoin. Here’s why:
Bitcoin:
- Recent data shows a significant net outflow of over $100 million from the Bitcoin ETF over the past two days. This indicates a lot of people are pulling out their money.
- Contrastingly, Ethereum has seen a $5.9 million inflow, marking its first recovery after nine days of outflows. The ETH/BTC price ratio is at its lowest in three years, presenting a potential bargain opportunity. ETH might outperform BTC in the near future.
Risks to Watch:
- If Bitcoin rises to $61,000, over $1.2 billion in short orders could be forced to close.
- If Bitcoin drops below $58,000, more than $800 million in long positions might face trouble.
- For Ethereum, if the price breaks $2,700, more than $400 million in short positions could be affected.
The market seems to be leaning bullish, but be prepared for fluctuations.
In Other News: Floki is on the horizon and could be worth keeping an eye on.
#BTC☀ #EtherfiCash #CryptoAnalysis" #TradingTips #BinanceSquareFamily $FLOKI $ETH $BTC
