Major note
- The data from the cryptoctive indicates that bitcoin whales are reducing leverage which is a recession indicator.
- Bitcoin faced rejection at $ 89,000 and is currently trading near the US PCE data release near $ 84,986.
- Bitcoin option 139,000 contracts and declining in vested instability will increase further weight on further price action.
Facing a strong rejection at $ 89,000, the price of Bitcoin (BTC) staged some reversal ahead of the US PCE data release on Friday.
As the press time, the BTC is 1.76% below, trading at $ 84,986, the daily trading volume is more than $ 30 billion than 20%. The bitcoin macro index further shows a recession market signal.
Bitcoin macro index shines warning signals
As BTCUSD struggles to break the previous significant resistance levels, on-chain metrics are already showing some weakness between signs of losing their speeding speed. Bitcoin macro indexDeveloped by Capriole in 2022, takes advantage of machine learning to analyze a wide range of matrix.
The index provides a strong sign of the relative value of bitcoin in historical market cycles.
However, since the end of 2023, the bitcoin macro index has been making less higher, while BTC/USD is doing high high recordings, making the “deviation of recession”. Although this pattern is normal in the previous bull markets, it suggests the possibility that BTC/USD can already reach a long -term peak. This is not a very great sign, Edwards commented.
Cryptoctive data suggests that bitcoin whales are reducing leverage, indicating changes in market spirit. The decline in BTC suggests low -risk appetite among these large holders. Historically, this trend is often associated with recession market movements.
The price of BTC faces difficulty in reverse
“Bitcoin is facing the price and negative pressure, slipping below $ 85,000, as the US PCE core inflation was higher than expected by 2.8% for February. Macro indicators play an important role in influencing bitcoin movements.
Supporting one of the recent BTC price analyzes, experienced businessman Peter Brant confirmed that the BTCUSDT pair could further view up to $ 70,000 negatively.
Today’s bitcoin option expiry data shows 139,000 BTC contracts today 0.49 put/call ratio, maximum pain point of $ 85,000 and a significant value of $ 12.1 billion. The quarterly distribution accounts for more than 40% of the total option posts, with BTC options about 80% of these delivery.
The inherent instability saw a decline during this period as the BTC’s major period volatility decreased by 50%.
Disclaimer: CoinSpeaker is committed to providing fair and transparent reporting. The purpose of this article is to provide accurate and timely information, but it should not be taken as financial or investment advice. Since the market situation can change rapidly, we encourage you to verify the information on your own before taking any decision on this material and consult a professional.
Bhushan is a Fintech enthusiast and has a good nature in understanding the financial markets. His interest in economics and finance attracts his attention to the new emerging blockchain technology and cryptocurrency markets. He is constantly in a learning process and keeps himself motivated by sharing his acquired knowledge. In his spare time he reads the thriller fiction novel and sometimes detects his culinary skills.
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