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LMAX Group Strategist: BTC Pullback Likely to Continue for Some Time, Large Investors Have Not Yet Begun to Buy Low

LMAX Group Strategist: BTC Pullback Likely to Continue for Some Time, Large Investors Have Not Yet Begun to Buy Low

2024/04/17 16:53

Bitcoin investor behavior suggests that market weakness could continue for some time and that large investors have not yet begun to buy on the low side at current prices, said Joel Kruger, marketer strategy at LMAX Group, in a market update on Wednesday.Kruger said, "The latest blockchain data suggests that large bitcoin investors are not adding to the risk of the current decline , which suggests we could still see more weakness or consolidation before Bitcoin is ready to rally." He added that the key technical level worth watching for Bitcoin is $59,000, which is an important support area.

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