Bitcoin is consolidating, struggling for gains, and looking at price action in the daily chart. Even with the rejection of lower prices, the coin has yet to follow through, decisively reversing losses of June 24. Should Bitcoin Traders Brace For More Losses? In light of this, one analyst on X thinks there could be more losses in the coming days. Posting on X, the on-chain analyst highlighted a worrying trend: Even amid the Bitcoin trading community’s optimism, sellers are relentlessly stacking up more short orders. According to the Bitcoin Net Taker Oscillator indicator, the reading is -1.5%. At this level, it is at the same point observed when prices rocketed to as high as $70,000 in November 2021 before dumping sharply throughout 2022. Bitcoin is trending at a near all-time high, roughly 20% from $73,800 printed in mid-March 2024. Although the uptrend of Q1 2024 defines the current formation, prices are retesting key support levels stacked between $56,500 and $60,000. If there are deeper losses, as the analyst projects, BTC could crash, reaching $50,000. This development would automatically disqualify the short-squeeze narrative in some quarters. Re ..
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