Analysts: The recent market decline may be due to profit-taking after the September-October rally, rather than a structural disaster.

03/11 20:04

In an analysis report, Timothy Misir, Head of Research at BRN, pointed out that the recent market decline was not a structural disaster, but rather profit-taking after the sustained rise from September to October. However, it also revealed that short-term upside potential remains highly dependent on stable spot demand (ETF, Treasury, and corporate bond purchases). "Whales" still control a significant portion of the Bitcoin supply and added approximately 110,000 Bitcoins in October. The market is currently in a digestion phase; structural bullish sentiment still exists, but confidence is weak. A breakthrough in price increases requires new spot demand from ETFs or corporations. (The Block)

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AlexDec 19, 2023 6:34 pm

Analysts: The recent market decline may be due to profit-taking after the September-October rally, rather than a structural disaster.

More news about bloxroute

More news about bloxroute

bloXroute Labs' New Policy Shifts Blockchain Ethics