Dec. 11 at 11:31 PM
$ETCG Has a Top Formed?
Is Bitcoin’s price forming a top, or, at worst, about to experience a kind of pullback? Before answering this question, I would like to say that I hold a long position in spot Bitcoin ETFs, as well as Bitcoin and other cryptocurrencies.
When Bitcoin’s price reached the 100,000 zone, it began moving sideways. If we look at the candlesticks, we can see gaps to the downside. What does this mean? Many people were confident and opened long positions in futures, and they were leveraged. What does that imply? Well, when Bitcoin’s price hits 100,000 and stalls, those who had open long positions in futures, being leveraged, either to lock in profits or avoid losses, act quickly. When they see the price stall or drop slightly, they sell aggressively and abruptly, causing these deep gaps not seen in years.
