They stated that it reduces the likelihood of a sudden crash in the coming days and weeks.
Experts attribute the 10% decline to growing “cautious sentiment” among investors. In their view, buyers may seize the opportunity to accumulate larger volumes of cryptocurrency at lower prices.
Analysts also pointed out that since October 1, long positions worth over $450 million have been liquidated, and the total open interest in derivatives has dropped from $35 billion to $31.8 billion.
“Mass liquidations indicate that the market is largely leveraging for growth, as the key level of $65,000 has been surpassed,” the report noted.
The experts also expressed optimism about the future, citing the expected easing of the Federal Reserve’s policy in November. For short-term forecasts, they suggested monitoring the dynamics of the U.S. stock market.
