{"id":646332,"date":"2024-10-05T05:00:37","date_gmt":"2024-10-05T05:00:37","guid":{"rendered":"https:\/\/uniquehot.com\/?p=646332"},"modified":"2024-10-04T18:11:37","modified_gmt":"2024-10-04T18:11:37","slug":"is-the-worst-over-for-bitcoin-analyst-suggests-local-bottom-may-be-here","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/bitcoin-news\/is-the-worst-over-for-bitcoin-analyst-suggests-local-bottom-may-be-here\/","title":{"rendered":"Is The Worst Over For Bitcoin? Analyst Suggests Local Bottom May Be Here"},"content":{"rendered":"<p>A CryptoQuant analyst known as &#8220;caueconomy&#8221; recently published a <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/66ffbe0ac1ff132140abc8ab-Liquidation-of-long-positions-may-have-established-a-local-bottom\" target=\"_blank\" rel=\"noopener nofollow\">post<\/a> indicating that Bitcoin (BTC) may have reached a local bottom. The analyst points to a significant liquidation event as a key sign that a short-term recovery could be on the horizon.<\/p>\n<p>Although caueconomy acknowledged that Bitcoin has been going through a period marked by bearish price sentiment and technical indicators suggesting potential further decline, the analyst also highlighted that\u00a0<span style=\"margin: 0px;padding: 0px\"><a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-miner-selloff-is-calming-down-green-sign\/\" target=\"_blank\" rel=\"noopener \">emerging signs<\/a><\/span><a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-miner-selloff-is-calming-down-green-sign\/\" target=\"_blank\" rel=\"noopener \">\u00a0may indicate a stabilization in the asset&#8217;s price<\/a>.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-miner-selloff-is-calming-down-green-sign\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Miner Selloff Is Calming Down: Green Sign For Rally To Continue?<\/a><\/div>\n<h2>How Is BTC Long Liquidations Suggesting Local Bottom?<\/h2>\n<p data-pm-slice=\"1 1 []\">The post by caueconomy on the CryptoQuant QuickTake platform titled \u201cLiquidation of long positions may have established a local bottom\u201d sheds light on how long-position liquidations in the futures market could influence Bitcoin&#8217;s price.<\/p>\n<p data-pm-slice=\"1 1 []\">Caueconomy elaborates that in the face of notable price declines, long contracts bought on future exchanges tend to <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/israel-iran-conflict-bitcoin-further-down\/\" target=\"_blank\" rel=\"noopener \">experience sharp reductions<\/a> due to mass liquidations.<\/p>\n<p data-pm-slice=\"1 1 []\">This process, in turn, diminishes the selling pressure that often exacerbates price drops, potentially setting the stage for a recovery in the asset&#8217;s price in the short term.<\/p>\n<p data-pm-slice=\"1 1 []\">On October 1st, over 4,000 BTC long positions were liquidated, marking the second-largest liquidation event of 2024 based on data compiled by CryptoQuant.<\/p>\n<figure style=\"width: 1280px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/img.cryptoquant.com\/342335\/quicktake\/IaY0C_781f70eccd8ebdb8bf810eaaa79132a65001056615d9c498f45ae37f4824dbd8.png?resize=1280%2C720&#038;ssl=1\" alt=\"Bitcoin long liquidations from all exchanges.\" width=\"1280\" height=\"720\"><figcaption class=\"wp-caption-text\">Bitcoin long liquidations from all exchanges. | Source: CryptoQuant<\/figcaption><\/figure>\n<p data-pm-slice=\"1 1 []\">The analyst mentioned that such significant liquidation events often indicate potential market reversals or local bottoms, as the selling pressure from these positions is removed from the market.<\/p>\n<p data-pm-slice=\"1 1 []\">However, caueconomy points out that it is crucial to keep a close eye on the buying strength to gauge whether it can <a href=\"https:\/\/uniquehot.com\/analysis\/btc\/bitcoin-price-recovery-61750\/\" target=\"_blank\" rel=\"noopener \">offset the decline<\/a> and facilitate recovery.<\/p>\n<p data-pm-slice=\"1 1 []\">The analyst advises that although the current range may be sustained in the short term, the potential for upward movement is contingent on renewed buying interest and market activity.<\/p>\n<p data-pm-slice=\"1 1 []\">The analyst concluded in the post:<\/p>\n<blockquote>\n<p data-pm-slice=\"1 1 []\">At this point, the price is likely to sustain the current range in the short term, but it will be necessary to watch the buying strength to be able to recover the decline.<\/p>\n<\/blockquote>\n<h2 data-pm-slice=\"1 1 []\">Is there Any Sign Of Buying Interest In Bitcoin Currently?<\/h2>\n<p>So far, Bitcoin appears to be seeing a <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-final-test-btc-price\/\" target=\"_blank\" rel=\"noopener \">gradual rebound<\/a> in price registering a 3.5% increase in the past day to reclaim the $62,000 mark.<\/p>\n<figure style=\"width: 2770px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/K0eA0TbI\/\" alt=\"Bitcoin (BTC) price chart on TradingView\" width=\"2770\" height=\"1556\"><figcaption class=\"wp-caption-text\">BTC price is moving upwards on the 2-hour chart. Source: BTC\/USDT on <a href=\"https:\/\/www.tradingview.com\/chart\/HSuSIPeM\/?symbol=TSE%3A3350\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/figcaption><\/figure>\n<p>At the time of writing, the asset currently trades for $62,238. This increase in BTC has been reflected in the overall crypto market, with the global crypto market cap now up by 2% in the past day to a current valuation of 2.26 trillion.<\/p>\n<p>Meanwhile, a renowned crypto analyst known as Ali on X recently reported a form of Bitcoin buying interest ongoing on an exchange.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/is-bitcoin-on-the-brink-of-a-reversal-heres-what-this-key-indicator-suggests\/\" target=\"_blank\" rel=\"noopener \">Is Bitcoin On The Brink Of A Reversal? Here\u2019s What This Key Indicator Suggests<\/a><\/div>\n<p>In a post uploaded earlier today on X, Ali pointed out that there has been a surge in the Taker Buy\/Sell Ratio on OKX, the fourth-largest cryptocurrency exchange by 24-hour trading volume.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">There was a spike in the <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">#Bitcoin<\/a> Taker Buy\/Sell Ratio on <a href=\"https:\/\/twitter.com\/okx?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">@okx<\/a>! This indicates a surge in aggressive buying \u2014 a sign of upward momentum ahead! <a href=\"https:\/\/t.co\/QgZ9qkhSls\" target=\"_blank\" rel=\"noopener nofollow\">pic.twitter.com\/QgZ9qkhSls<\/a><\/p>\n<p>\u2014 Ali (@ali_charts) <a href=\"https:\/\/twitter.com\/ali_charts\/status\/96437186?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">October 4, 2024<\/a><\/p><\/blockquote>\n<p>This spike in the ratio indicates an increase in aggressive buying activity within the market, a potential sign of <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/is-bitcoin-on-the-brink-of-a-reversal-heres-what-this-key-indicator-suggests\/\" target=\"_blank\" rel=\"noopener \">renewed upward momentum<\/a>. Such behavior often reflects increased confidence from buyers, hinting at the possibility of a price recovery or a new upward trend.<\/p>\n<p>Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A CryptoQuant analyst known as &#8220;caueconomy&#8221; recently published a post indicating that Bitcoin (BTC) may have reached a local bottom. The analyst points to a significant liquidation event as a key sign that a short-term recovery could be on the horizon. Although caueconomy acknowledged that Bitcoin has been going through a period marked by bearish price sentiment and technical indicators suggesting potential further decline, the analyst also highlighted that\u00a0emerging signs\u00a0may indicate a stabilization in the asset&#8217;s price. Related Reading: Bitcoin Miner Selloff Is Calming Down: Green Sign For Rally To Continue? How Is BTC Long Liquidations Suggesting Local Bottom? The post by caueconomy on the CryptoQuant QuickTake platform titled \u201cLiquidation of long positions may have established a local bottom\u201d sheds light on how long-position liquidations in the futures market could influence Bitcoin&#8217;s price. Caueconomy elaborates that in the face of notable price declines, long contracts bought on future exchanges tend to experience sharp reductions due to mass liquidations. This process, in turn, diminishes the selling pressure that often exacerbates price drops, potentially setting the stage for a recovery in the asset&#8217;s price in the short term. On October 1st, over 4,000 BTC long positions were liquidated, marking the second-largest liquidation event of 2024 based on data compiled by CryptoQuant. The analyst mentioned that such significant liquidation events often indicate potential market reversals or local bottoms, as the selling pressure from these positions is removed from the market. However, caueconomy points out that it is crucial to keep a close eye on the buying strength to gauge whether it can offset the decline and facilitate recovery. The analyst advises that although the current range may be sustained in the short term, the potential for upward movement is contingent on renewed buying interest and market activity. The analyst concluded in the post: At this point, the price is likely to sustain the current range in the short term, but it will be necessary to watch the buying strength to be able to recover the decline. Is there Any Sign Of Buying Interest In Bitcoin Currently? So far, Bitcoin appears to be seeing a gradual rebound in price registering a 3.5% increase in the past day to reclaim the $62,000 mark. At the time of writing, the asset currently trades for $62,238. This increase in BTC has been reflected in the overall crypto market, with the global crypto market cap now up by 2% in the past day to a current valuation of 2.26 trillion. Meanwhile, a renowned crypto analyst known as Ali on X recently reported a form of Bitcoin buying interest ongoing on an exchange. Related Reading: Is Bitcoin On The Brink Of A Reversal? Here\u2019s What This Key Indicator Suggests In a post uploaded earlier today on X, Ali pointed out that there has been a surge in the Taker Buy\/Sell Ratio on OKX, the fourth-largest cryptocurrency exchange by 24-hour trading volume. There was a spike in the #Bitcoin Taker Buy\/Sell Ratio on @okx! This indicates a surge in aggressive buying \u2014 a sign of upward momentum ahead! pic.twitter.com\/QgZ9qkhSls \u2014 Ali (@ali_charts) October 4, 2024 This spike in the ratio indicates an increase in aggressive buying activity within the market, a potential sign of renewed upward momentum. Such behavior often reflects increased confidence from buyers, hinting at the possibility of a price recovery or a new upward trend. Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":646336,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,441,629,6848,1119,78790,10923],"class_list":["post-646332","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-market","tag-bitcoin-price-prediction","tag-btc","tag-btcusdt","tag-crypto-market"],"acf":[],"yoast_head":"\n<title>Is The Worst Over For Bitcoin? Analyst Suggests Local Bottom May Be Here<\/title>\n<meta name=\"description\" content=\"A CryptoQuant analyst known as &quot;caueconomy&quot; recently published a post indicating that Bitcoin (BTC) may have reached a local bottom...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/bitcoin-news\/is-the-worst-over-for-bitcoin-analyst-suggests-local-bottom-may-be-here\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is The Worst Over For Bitcoin? 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.\",\"sameAs\":[\"https:\/\/x.com\/0xEdyme\"],\"url\":\"https:\/\/uniquehot.com\/author\/samueledymeabayomi\/\"}]}<\/script>\n","yoast_head_json":{"title":"Is The Worst Over For Bitcoin? 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/uniquehot.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Is The Worst Over For Bitcoin? 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