市值
24小时
6566
Cryptocurrencies
51.43%
Bitcoin 分享

Bitcoin Price Drops Below $58K Again, BTC To Make A Comeback Says Key Metric

Bitcoin Price Drops Below $58K Again, BTC To Make A Comeback Says Key Metric


NewsBTC
2024-09-04 04:00:51

After briefly trading above $59,000 in the early hours of Tuesday, Bitcoin price has now seen a significant retracement, dropping below the $58,000 price mark once again. However, despite this struggle to rally, a CryptoQuant analyst named Kripto Mevsimi recently shared an intriguing observation regarding Bitcoin price on the CryptoQuant QuickTake platform. Related Reading: Bitcoin’s Breakout Blueprint: Analyst Reveals Roadmap For Imminent Surge Bitcoin’s Sharpe Ratio Hits New Lows: Bullish Signal Or A Warning? According to the analyst, Bitcoin’s short-term Sharpe ratio has dipped to levels last seen during September-October 2023. For context, the Sharpe ratio is a measure used in financial markets to assess risk-adjusted returns, helping investors understand whether the returns of an asset are worth the risk involved. Mevsimi revealed that in September-October 2023, a similar drop in the Sharpe ratio was observed. This period marked a significant turning point for Bitcoin, as the top crypto rebounded strongly after the ratio hit its lows. The current scenario, according to the analyst, could indicate a potential opportunity for those with a bullish outlook. Particularly. The dip in the Sharpe ratio might suggest that Bitcoin’s price is poised for another recovery, offering a favourable entry point for investors looking to buy into the market with a risk-adjusted strategy. However, despite the bullish signal this metric might currently be suggesting Mevsimi cautioned: On the other hand, a bearish interpretation could see this as an indication of sustained volatility and caution against entering the market until a clearer trend emerges. Furthermore, the analyst explained that in 2023, the dip in the ratio coincided with the news of the Bitcoin Spot exchange-traded fund (ETF), which played a significant role in driving the market’s momentum. This time, however, the situation might be different, as external factors like macroeconomic conditions and market sentiment will also play crucial roles in determining Bitcoin price trajectory. Bitcoin Market Performance And Outlook Over the past week, Bitcoin price has experienced a mixture of bulls and bears. After trading as high as above $62,000 last Friday, the asset has seen a noticeable correction, dropping below the psychological price level of $60,000. Although Bitcoin price attempted to reclaim this level earlier today reaching a 24-hour high of $59,812, it has since been pulled down back by the bears to currently trade at a price of $57,653, at the time of writing down by 1.5% over the past day. Amid this price performance, a renowned crypto analyst known as Crypto Jelle on X has commented on BTC’s latest price action, disclosing that the asset is now forming a weekly golden cross for the first time. Related Reading: Bitcoin’s Price Potential: Analyst Maps Path To $700,000 And Beyond According to the analyst, forming this pattern in the traditional financial market is often considered bullish. However, Jelle questioned, is it possible for the pattern to work for BTC too? #Bitcoin is forming a weekly golden cross, for the first time in its history! The 100-week MA is crossing above the 200-week MA this week. In traditional markets, these crossovers are considered a bullish sign; will it work for BTC too? pic.twitter.com/e6GbOfU5Uy — Jelle (@CryptoJelleNL) September 2, 2024 Featured image created with DALL-E, Chart from TradingView


阅读免责声明 : 此处提供的所有内容我们的网站,超链接网站,相关应用程序,论坛,博客,社交媒体帐户和其他平台(“网站”)仅供您提供一般信息,从第三方采购。 我们不对与我们的内容有任何形式的保证,包括但不限于准确性和更新性。 我们提供的内容中没有任何内容构成财务建议,法律建议或任何其他形式的建议,以满足您对任何目的的特定依赖。 任何使用或依赖我们的内容完全由您自行承担风险和自由裁量权。 在依赖它们之前,您应该进行自己的研究,审查,分析和验证我们的内容。 交易是一项高风险的活动,可能导致重大损失,因此请在做出任何决定之前咨询您的财务顾问。 我们网站上的任何内容均不构成招揽或要约