Bitcoin Price Analysis: A Huge BTC Move Is Incoming; Is $30,000 On the Horizon!

The post Bitcoin Price Analysis: A Huge BTC Move Is Incoming; Is $30,000 On the Horizon! appeared first on Coinpedia Fintech News

The crypto markets are exhibiting diverse price action every day. While the trend favoured the bears, a minor bullish action flipped the trend for a while. Amid the changing dynamics within the crypto space, the market makers appear to take out their profit at regular intervals. However, these moves have had a massive impact on the other tokens as well. 

Regardless of the prevailing sedentary BTC price movement, there is a significant chance of triggering a huge price movement. As per the data from one of the popular on-chain analytical platforms, Coinglass, nearly 5.9K BTC of open interest has been added in the past few hours. This indicates a massive move could be incoming while the direction of the trend continues to remain hidden behind the clouds

The open interest represents the number of open positions, including both short and long, on a derivative exchange’s BTC pairs. If the amount of open interest has soared, it means the traders are either extremely bullish or bearish on Bitcoin. The token in the past few days has witnessed a decent amount of long liquidations that have prevented the price from rising above $28,000. However, after consolidating between $27,900 and $28,000 for a while, the price triggered a notable drop. Will the BTC price reach new lows this month?

The BTC price has been bearish for the past few days, with a notable rise in selling pressure. The DMI suggests a further fall in the selling prices could be liable as the ADX is bearish and the +DI levels are on the verge of crossing the -DI levels. Moreover, the RSI is also heading towards the lower support, indicating weakness among the bulls. Now that the Bitcoin (BTC) price has marked the daily lows below $27,000, a fresh descending trend could drag the price close to $26,500 very soon.