Are you keeping a close eye on Bitcoin price movements and market trends? We at Extreme Investor Network have some exclusive insights for you.
As of the latest update on July 28, the Bitcoin Taker Buy/Sell ratio has fallen to -0.97. This indicates that there has been an increase in selling activity compared to buying activity in the market. Interestingly, this is the first time the BTC derivatives trade balance has entered negative territory since the Bitcoin Nashville conference kicked off on June 26.
What does this mean for the future of Bitcoin prices? Well, it suggests that the current demand for Bitcoin might be on the decline, especially as the hype around Trump’s appearance at the Nashville conference fades. With short-term supply outstripping demand, it is likely that Bitcoin prices could see some downward pressure in the coming days.
Looking ahead, investors tracking risk assets will be keeping a close watch on two key US macroeconomic indicators: the JOLTs Job Openings report scheduled for Tuesday, July 30, and Non-Farm Payrolls data releasing on Friday, August 2. If either of these reports shows bearish figures, we could see a significant bullish reversal in Bitcoin prices throughout the week.
In terms of technical analysis, Bitcoin’s failure to break the $70,000 resistance level during the recent media frenzy suggests that exhausted bull traders may now target the $65,000 psychological support level. Combined with bearish signals on the BTC/USD daily chart, it seems like bears are gaining momentum in the market.
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