The Bitcoin Bull Rally Takes a Hit as BTC Plunges 8.2%
The Bitcoin Bull Rally appears to be losing steam as Bitcoin (BTC) plunges to $66,699, marking an 8.2% drop in the last 24 hours. However, the cryptocurrency quickly bounced back above $67,730, maintaining a market cap of $1.322 trillion.
$680 Million Assets Liquidated
The Bitcoin price drop has prompted a significant liquidation event across the entire network, as reported by Coinglass. Over the last 24 hours, a staggering $680 million worth of assets have been liquidated, with a substantial portion of $545 million originating from long orders while $134.6 million in shorts has been liquidated.
- This widespread liquidation has affected a total of 193,270 individuals within the cryptocurrency community.
- One of the most significant liquidation orders occurred on the OKX – BTC –USDT-SWAP platform, amounting to a substantial $13.3 million.
BTC Price Dip Ahead
Renowned crypto analyst Captain Faibik recently warned investors about Bitcoin’s short-term direction, particularly on the 2-hour timeframe. He highlighted a confirmed Rising Wedge Downside Breakout, suggesting a likely drop in Bitcoin’s price.
- Analysts further pinpoint a support level near $63,000 to $64,000, dubbed the “green zone,” where a rebound may occur alongside OI reduction.
The Impact of Bitcoin’s Price Movement
Bitcoin’s recent price drop and subsequent rebound have left many in the crypto community pondering the implications. The volatility in the market and the significant liquidation event have sparked discussions and predictions about what lies ahead for the leading cryptocurrency. Here are some insights into the potential impact of Bitcoin’s recent price movement:
Market Volatility and Asset Liquidation
- The sudden drop in Bitcoin’s price has resulted in over $680 million worth of assets being liquidated across the network.
- A substantial amount of $545 million from long orders and $134.6 million from shorts have been affected by this liquidation event.
- 193,270 individuals have been impacted by the widespread liquidation within the cryptocurrency community.
- One of the most significant liquidation orders amounted to $13.3 million on the OKX – BTC –USDT-SWAP platform.
Predictions and Analysis
- Crypto analyst Captain Faibik has warned investors about a potential drop in Bitcoin’s price, citing a confirmed Rising Wedge Downside Breakout on the 2-hour timeframe.
- Analysts are eyeing a support level around $63,000 to $64,000, known as the “green zone,” where a rebound could occur alongside Open Interest (OI) reduction.
Hot Take: What Lies Ahead for Bitcoin?
As Bitcoin experiences fluctuations in price and market volatility, it raises questions about the future trajectory of the leading cryptocurrency. Stay tuned for further updates and analysis to navigate the ever-changing landscape of the crypto market.
Cino Gaperi stands out as a prominent crypto analyst, accomplished researcher, and adept editor, making significant contributions to the field of cryptocurrency. With a strong background in crypto analysis and research, Cino’s insights delve deep into the intricate aspects of digital assets, appealing to a diverse audience. His keen analytical skills are complemented by his editorial proficiency, allowing him to distill complex crypto information into easily digestible content.