Bitcoin gained over 10% recently, reaching $60,000, which excited investors after a poor September performance. However, analysts warn of mixed signals in the market.
Analyst CRYPTOHELL notes that decreasing exchange reserves indicate reduced selling pressure as investors hold out for future gains. U.S. demand for Bitcoin spot ETFs further fuels this bullish sentiment.
Conversely, higher exchange netflows suggest selling pressure, and the Adjusted Spent Output Profit Ratio shows moderate profit-taking. Negative funding rates in derivatives markets also indicate bearish sentiment.
The market is in a state of uncertainty with both bullish and bearish indicators in play. Technical indicators are also neutral, suggesting future movements depend on changes in sentiment and major news.
Additionally, analyst Ali Martinez reports a new yearly high in Bitcoin's leverage ratio, indicating higher risk-taking among traders, potentially leading to significant losses and liquidations.
Bitcoin currently trades at $60,220 with a slight decline and a 51.83% decrease in trading volume.
