{"id":24785,"date":"2022-12-20T17:02:57","date_gmt":"2022-12-20T17:02:57","guid":{"rendered":"https:\/\/mailinvest.blog\/index.php\/2022\/12\/20\/16k-retest-for-bitcoin-is-wanted-by-two-derivative-metrics\/"},"modified":"2022-12-20T17:02:57","modified_gmt":"2022-12-20T17:02:57","slug":"16k-retest-for-bitcoin-is-wanted-by-two-derivative-metrics","status":"publish","type":"post","link":"https:\/\/mailinvest.blog\/index.php\/2022\/12\/20\/16k-retest-for-bitcoin-is-wanted-by-two-derivative-metrics\/","title":{"rendered":"$16K Retest For Bitcoin Is Wanted By Two Derivative Metrics"},"content":{"rendered":"

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Bitcoin recently dropped under $16,800 on 16<\/span>th<\/span> December which marks the lowest in over 2 weeks. This movement was divergent from the temporary excitement on 14<\/span>th<\/span> December when Bitcoin touched $18,370.\u00a0<\/span><\/p>\n

Over a week Bitcoin dropped 3.8% while S&P Index 500 mentioned the decline was 3.5%. BTC bulls are in comfort knowing their significant role while 15<\/span>th<\/span> December witnessed $206 million in Bitcoin futures contracts being liquidated by them. The loan industry also has concerning data showing a high number of low-income consumers since 2019. Their data states 26% more monthly payments towards car loans over 3 years.\u00a0<\/span><\/p>\n

Concerning Statistics In Bitcoin\u00a0<\/b><\/span><\/h2>\n

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Switzerland, EU, England, and US central banks<\/a> have 50 points basis interest rate that indicates continuous rising borrowing costs. The cryptocurrency market is unstable while Armanino, an accounting firm, reportedly ended their service of crypto<\/a> auditing that started in 2014.\u00a0<\/span><\/p>\n

Chinese crypto retail business demand appears positive because USD Coin is stable. This also reveals the difference between the US dollar and Chinese peer-to-peer business. Increased buying demand appears pressurized by a bearish market and 100% fair value. USDC premium is 99% higher than on 12<\/span>th<\/span> December being 101.8% pointing towards high Asian investor demand.\u00a0<\/span><\/p>\n

Leverage Buyers Land In Trouble\u00a0<\/b><\/span><\/h2>\n

Externalities are eliminated by a long-to-short metric which may single-handedly affect the stablecoin market. After Bitcoin dropped to $16k, professional traders reduced their long leverage positions. The Binance trader ratio dropped to 1.04 level from 1.11 while Huobi decreased to 0.05 from 1.01.\u00a0<\/span><\/p>\n

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The average stablecoin premium is 101.8% in Asia which proves that buyers no longer trust cryptocurrency. In addition, liquidation worth $206 million in Bitcoin futures contracts indicates increased leverage from the buyers\u2019 end. This might set up a huge storm and lead to another major correction. At the moment, BTC price is continuously and largely dependent on conventional stock markets. Many auditing firms believe this $16k level is a BTC retest. <\/span><\/p>\n<\/div>\n