At long last, Bitcoin (BTC) has simmered down, with the asset falling to $7,900 from a weekly high of $8,350. This has led some, like popular analyst Filb Filb, to consider the idea that the cryptocurrency market have topped… for now anyway. In a recent tweet, the analyst, who recently won a one BTC bet with Leah Wald and Tyler Jenks, suggested that the “local BTC top is in”.
He notes that the long-short ratio on Bitfinex has been “nuked”, dramatically reducing the chances of a short squeeze, which would pressure Bitcoin higher. What’s more, bid support (buy support) is decreasing hour-over-hour, the parabola that BTC has traced for the past few months is “shaky”, and there is decreasing volume in this embryonic market, all signs which aren’t too reassuring.