📰 Table Of Contents
Bitcoin Market Update
Bitcoin (BTC) experienced a dip below weekly lows, dropping to $65,600 after hitting fresh all-time highs. Despite this, market observers remain calm, attributing the decline to typical corrective moves within an overall upward trend.
On-Chain Analysis
On-Chain College, a popular commentator with a large following, noted that a 10% retracement in Bitcoin’s price is common during bull runs. The majority of the supply is currently in unrealized profit, indicating normal behavior in a bull market.
Potential Market Depth
Traders are discussing the potential depth of the market decline, with Credible Crypto pointing out a block of bid liquidity around $64,000 as a key level for a bounce or reversal. Meanwhile, trader Jelle compared the current correction to historical patterns, suggesting a possible pullback to around $58,000.
Liquidations and Market Impact
As leveraged long positions unwound, liquidations surged, resulting in over $810 million in losses across major exchanges. Binance, OKX, and Bybit were among the exchanges with significant liquidation amounts. Bitcoin-tracked futures saw $280 million in liquidations, while Ethereum-linked futures experienced over $138 million in liquidations.
Market dynamics indicate that spot selling is driving prices lower, with more long positions being liquidated. Despite this, panic shorting is not yet prevalent, with most activity involving profit-taking hedges that can lead to price rebounds.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
