Deribit Analyst: Bitcoin may have further downside potential
Deribit analyst Anand Raj released a report stating that Bitcoin is still under the control of the $61,700 supply zone. This has led to a breach in the demand zone at lower time frames. Moreover, despite recent 13F filings showing major asset management companies have exposure to US Bitcoin spot ETFs, bullish sentiment has not significantly increased. Therefore, Bitcoin's price may continue to face resistance from the supply zone at higher time frames, indicating there might be further downside potential.
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