The impact of critical data from the USA on Bitcoin this week is being closely watched by analysts, including 10x Research founder Markus Thielen. After breaking the $60,000 support level and dropping below $54,000, Bitcoin saw a slight recovery to above $57,000. Thielen, who accurately predicted the drop to $55,000, now suggests that a rally may be possible as BTC appears oversold in the short term.
Despite the positive reaction to this potential rally, Thielen remains cautious about the medium-term outlook. While macroeconomic events next week could provide support for a rally, he believes that these developments do not necessarily signal a significant buying opportunity in the medium term. Additionally, Thielen highlights the possibility of the SEC approving the Ethereum ETF, which could generate positive momentum in the short term.
Analyzing the recent decline in Bitcoin, Thielen notes that the cryptocurrency experienced a 20% decrease in June, with 13% of the drop occurring during Asian trading hours. Similarly, Ethereum (ETH) saw a 22% decline, with 16% of the decrease happening during Asian trading hours. This indicates that many retail traders in Asia were liquidated, highlighting potential risks for retail investors in the Asian market.
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