BTC Faces Resistance at $61,700, Signaling Potential Decline
CryptoNewsTerminal Staff19 Aug, 2024
BTC Faces Resistance at $61,700, Signaling Potential Decline
Despite the recent release of 13F Filing data from the U.S. Securities and Exchange Commission (SEC), which revealed major hedge funds' holdings of Bitcoin spot ETFs, the price of Bitcoin (BTC) has faced resistance at $61,700. This observation by cryptocurrency options exchange Deribit suggests the possibility of a further decline in BTC's value. Deribit's analysis indicates that the lack of a significant price increase following the disclosure of major hedge funds' BTC holdings could signal a potential correction in the cryptocurrency market. As a result, investors should exercise caution and closely monitor market movements to make informed trading decisions.
