Experts named factors that may indicate a further continuation of the correction and its transition into a deep phase
The bitcoin put-call ratio turned positive for the first time in six months. Coindesk analyst Omkar Godbowl warned about this. He explained that the number of put options (to sell an asset) exceeded the number of call positions (to buy a cryptocurrency) for the first time in six months. According to the analyst, this is a bearish signal, which, however, does not guarantee a further decline in quotations.
In order to return to the active growth of bitcoin in the near future, it is necessary to gain a foothold above the $ 58 thousand mark, says NewsBTC analyst Ayush Jindal. In his opinion, if this does not happen, then the cryptocurrency will begin to decline to the first serious support level, which is in the region of $ 56.2 thousand. In case of breaking this level, quotations will fall to $ 55 thousand, Jindal said. After that, massive sales of bitcoin may follow, which will bring its value down to $ 53 thousand, the analyst noted.
On November 29, the price of bitcoin reached $ 58.8 thousand. TradingView analyst and trader Dmitry Lavrov positively assessed the approach of the asset value to $ 59 thousand and called it a “bullish” signal. According to Lavrov, the recent rise in the price of bitcoin may indicate that the market has decided on a further direction and it is “bullish”. Despite the positive signals, the trader advised to closely monitor the situation on the market, since, in his opinion, the risk of further decline remains.
At 17:05 Moscow time on November 30, the first cryptocurrency is trading at $ 58.4 thousand. During the day, the asset has risen in price by almost 2%, and its capitalization has increased to $ 1.09 trillion, according to CoinGecko. On November 28, the bitcoin rate fell to $ 53.2 thousand for the first time since early October.