Bitcoin's [BTC] tumble takes investors on a wild ride: bulls and bears square off
assessed BTC’s vortex indicator and found that “the positions of the bears began to strengthen on March 2, 2023, and continue to strengthen until now.” According to the pseudonymous analyst, BTC bears remain relentless with distribution despite some cool-off periods.“For now, seller exhaustion mayn’t happen because the domino effect due to the collapse of the FTX hasn’t yet ended, and the White House and other US government financial institutions are trying to kick Bitcoin in every possible way.
”, BTC has seen a significant decline in Open Interest in the past 24 hours. As of this writing, the coin’s Open Interest stood at $8.834 billion. For context, the coin’s Open Interest has declined by 19% in the last 10 days.On a daily chart, increased coin distribution has forced key momentum indicators to lie below their neutral lines. For example, oversold at press time, BTC’s Relative Strength Index and Money Flow Index were 30.52 and 29.08, respectively.
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