The bitcoin price has plummeted in the Cryptocurrency market leading to nearly $250 million in bullish liquidation. The market crash has resulted in the closure of the leveraged positions of many traders who have been waiting for the bitcoin to go up and that they would continue. And the rise will not benefit gainers in any case. It is awe-inspiring to see how the spike in price caught people off-guard and how the market activity became even more energetic.
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Interestingly, a new Crypto Confidence Meter now suggests that the market has either hit or might soon hit the top. Measures such as these which depict the spectrum of hope and fear in the market, are invaluable in portraying the extent to which bullish or bearish attitudes are taken by traders. Such a view also comes with a curse – the positive mood is not the best predictor for healthy gains, nor a leading indicator for drop-in stocks.
While Bitcoin is experiencing a roller-coaster ride, the global environment on the market is tense; as a big portion of the investors think that has taken a fall and that this is a correctional phase that has appeared. Do you think this phase is a sign of a healthier Bitcoin or more trouble to follow?
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