Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- Bitcoin’s 13% price fall over the past day led to a dip in the overall crypto market cap.
- Longs wrecked massively, with $373.37 million worth of positions liquidated.
The events of the past 24 hours shook the crypto market, with Bitcoin [BTC] experiencing a 13% dip over the past day. This saw the king coin briefly touch the $25k price zone before recovering to trade at $26.5k, as of press time.
Read Bitcoin’s [BTC] Price Prediction 2023-24
According to CoinMarketCap, the global crypto market lost over 6% of its market capitalization within the period. BTC’s market dominance also dropped to 48.45%, representing a decrease of 0.56% over the day.
With lots of speculation in the markets about BTC’s sudden price drop, investors and traders alike maintained a cautious approach as events unraveled.
Has the market dump been coming?
BTC’s price chart over the four timeframe showed a significant consolidation around the $29.4k price zone. This was after the price rejection at the bearish order block (OB) between $29.8K and $30.3K.
With Bitcoin’s market structure flipping bearish on the daily timeframe in late July, short-term sellers have been priming for a sustained downtrend.
Amid the rising volatility, the Relative Strength Index (RSI) dropped deep into the oversold zone, hitting 5.31 on the four-hour timeframe. Likewise, there were notable capital outflows which saw the Chaikin Money Flow (CMF) drop to -0.27, although it eased a bit to -0.18, as of the time of writin
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Author: Suzuki Shillsalot
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