Markus Thielen, CEO of 10x Research, warned investors about the recent fluctuations in the cryptocurrency market. Thielen, who accurately predicted the fluctuations in Bitcoin and Ethereum in the past, stated that rushing into the market could be risky.
Critical Levels for Bitcoin and Ethereum
According to Thielen’s report, important support levels for Bitcoin are between 63,000 and 60,000 dollars. If BTC falls below this level, a decline between 52,000 and 54,000 dollars can be expected. Investors who want to buy in a falling market are advised to wait as there could be further declines.
Market Volatility and Factors
Among the main reasons for the fluctuations in the price of Bitcoin are the Federal Reserve’s interest rate decisions and open positions in options and futures contracts. Bitcoin’s price could follow a volatile pattern with these and similar influences.
Investors closely monitor the Federal Reserve’s interest rate decisions and movements in the options market. Especially, approaching expiration options indicate risk management for investors, showing the downward risk in the Bitcoin price.
In recent days, the volatility of Bitcoin’s price has increased, and with the decrease in trading volume, a price decline occurred. Bitcoin lost 14% value in the last 7 days and was trading at $63,177 at the time of writing.
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