US-China trade deal keeps Bitcoin price rallying but uncertainty soon sets in, with massive crypto liquidation
Bitcoin price has been undergoing a mild reset over the past 24 hours as risk assets have lost most of their gains.
Within this period, the BTC price has lost 1.99% of its gains and is now trading at $102,315.79.
The unexpected change has triggered a flurry of crypto liquidations, raising concerns about a possible offset in the week-long price rally.
Bitcoin price changes market sentiment.
Earlier in the day, the coin rose to $105,747.45 as an easing of US-China trade tensions reignited sentiment.
The tariff war that created uncertainty in the crypto market also stands as a headwind for the asset class moving forward.
Despite increased uncertainty over the past hour, Bitcoin price has maintained a 9.06% gain over the past 7-day period.
With the current outlook, the $BTC /USDT daily price suggests that the coin may be oversold.
The Relative Strength Index (RSI) is pegged at 68.58, just below the oversold region of 70. It is worth noting that Bollinger Bands have also extended with price around the upper band. These setups usually signal a potential reversal for Bitcoin price going forward.
Considering how the altcoin season first picked up steam, the current shift in the market could change the overall outlook.
Crypto Liquidations in the Spotlight
The volatility shift in the past few hours has triggered over $714 million in combined market liquidations.
With $BTC falling in price, its liquidations totaled $202 million, with traders holding long positions at $141 million.
Amid the market volatility, with more than 213,700 traders facing liquidation, the futures market showed extreme volatility. It's worth noting that market decider, BTC still has a lot of positive fundamentals that could help its price rebound.
Institutional adoption is excellent as the strategy fetched 13,390 BTC for $1.34 billion.
Metaplanet also bought the largest batch of BTC amid rising sentiment for a more significant breakout in bitcoin prices.
Is there still a possibility of a $100,000 shortfall?
Entering the market trend, top crypto analyst Titan shared a big influence on X regarding the price of $BTC .
The top coin is retesting the fair value gap daily and could still fall to $99,500, he said. However, the analyst noted that the coin is still trending upwards.
This price point provides significant support for the coin in the weeks to come. Specifically, the analyst concluded that the chart still appears bullish. Thus, a drop of more than $100,000 is unlikely given the current hype.
#BTC #CryptoNewss #MarketSentimentToday #Market_Update #BTCBackto100K