Market situation: Bitcoin price likely to rise after Teprot update

Some experts believe that updating the Bitcoin network Taproot could increase the price of this digital currency in the future. On the other hand, technical indicators indicate that Atrium is likely to retreat to $ 4,200.

to the Report Quinn Desk The digital currency market plunged deeper on Friday after buyers failed to keep Bitcoin prices at their all-time high this week. Analysts expect trading activity to increase this week as Teprot updates; The update is scheduled to take place at 13:10 (Tehran time) tomorrow, Sunday, November 14, with the aim of improving the privacy and performance standards of the Bitcoin network.

Lukas Enzersdordorfer, Bitpanda’s product manager, said that with the Teprot update, buyers’ power to increase prices is likely to increase.

The update is expected to take another day, yet some experts believe that Teprot will have little effect on the price of bitcoin. Given the 30 percent increase in the price of Bitcoin over the past few months, it is likely that some investors will enter long trading positions before the Teprot update.

Also read: What is Teprot? Everything Investors Need to Know About Bitcoin Bitcoin Upgrades

Traders will be looking to make more profit from Bitcoin in the medium term; Of course, after the possible correction of the price of this digital currency.

Alex Kuptsikevich, an analyst at FxPro, said:

The Bitcoin chart has apparently become so volatile that it can no longer be a reliable indicator of the digital currency market, and this role [احتمالاً] Assigned to the atrium. Therefore, breaking this strong uptrend could be the first sign of market reform [معامله‌گران را به خرید در کف‌های قیمتی تشویق کند].

Reduce Bitcoin fluctuations

Data from the Skew website shows that realized Bitcoin fluctuations are returning to their lowest level in a year. The chart below shows that Bitcoin fluctuations have been steadily declining since May, when the market began to decline.

Now, however, analysts expect price fluctuations to remain low despite recent bitcoin record breaks. QCP Capital, a Singapore-based digital currency trading company, said the Bitcoin market had a neutral trading position (50% long, 50% short) and a Vega short position. ) Is also available in the Atrium market.

Vega short trading position refers to the conditions in which the trader makes a profit by reducing the implied price fluctuations. Implicit volatility also indicates market expectations of future price volatility. In general, it can be said that implicit fluctuations grow in declining markets and decrease in ascending markets.

Possibility of atrium retreat

Atrium, the market’s second-largest currency, may continue to retreat to the $ 4,000 to $ 4,200 support area. Technical indicators show that the uptrend has been somewhat worn after the Atrium reached a record high of $ 4,800 this week.

Atrium has risen 3 percent over the past seven days and bitcoin has risen 4 percent over the same period. The chart below shows that the price of Atrium has slightly decreased compared to Bitcoin in the past month; However, this downtrend seems to have ended in support at $ 0.067.

In addition, intra-chain data show that the number of active Atrium addresses and the trading volume index have created a negative divergence price, which could be a sign of Atrium price retreat.

Market situation of Altcoins

The sharp fall of Omisego

OMG, the main token of the OMG Network, which is the second layer protocol of the Atrium network, experienced a sharp crash yesterday. The price of this digital currency, which offers a solution for faster and cheaper transactions of Atrium, fell by 27% to 12.70 on Friday. The crash is a clear example of the popular “buy rumor and sell news” approach, as it happened just after the Boba Network’s airdrop was completed for Omoji token holders. This is the lowest price level since October 28 (November 6) and for the first time in the last 3 months, the price candle has fallen below the 50-day moving average (MA).

Stop Dodge Quinn’s withdrawal from Bainance

Bainance, the world’s largest digital currency exchange, has temporarily suspended Dodge Quinn withdrawals due to problems following a recent update. Some users have encountered significant issues since the Dodge Quinn update. Bynance is said to have initially resumed Dodge Coin withdrawals without the consent of users and has now asked them to return Dodge Coins that no longer exist in their accounts.

FTX CEO: Solana is better than Atrium

Sam Bankman Fried, founder and CEO of FTX, believes that the Chinese Solana blockchain is better than Atrium. The 29-year-old billionaire said during a joint conference of Yahoo Finance and Decrypt that Solana is one of the few blockchains that can handle a large number of users and transactions.

He said:

Solana is one of the few public blockchains available that has a credible roadmap for scaling millions of transactions per second. As you know, the fee is a fraction of a penny ($ 0.01) per transaction.