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Bullish
Bitcoin Price Declines Below $85,000: A Potential Drop to $70,000 Anticipated?
With liquidations in the cryptocurrency market approaching $400 million, the decline in Bitcoin is accelerating. Declining below the $85,000 support level, Bitcoin has had a 2.78% intraday retracement, forming a bearish engulfing candle.
This jeopardizes the rebound of the preceding week and signals a prolonged decline. Will this lead to a retest of the $76,000 threshold? Let us ascertain.
The daily chart indicates that the BTC price trend has seen a short-term rebound inside a rising channel pattern. Nevertheless, owing to the current slump, the Bitcoin price movement presently exhibits a bearish flag pattern.
Moreover, the intraday retracement, forming a bearish engulfing candle, signals a potential collapse. The breach of the 200-day EMA and the local support trend line, coupled with a sharp increase in supply pressure, signals a potential prolonged correction.
The downward trend has fallen below the $85,000 threshold and is now trading at a market value of $84,654. The significant decline in Bitcoin prices has triggered a fresh round of sell-offs in the wider market.
The derivatives market experiences a surge in fear.
As Bitcoin prices decline, the derivatives industry suffers. The Bitcoin open interest has decreased by 2.57%, totaling $55.47 billion. Simultaneously, the long-to-short ratio in recent hours has been markedly negative.
Short holdings now represent 59.28%, with an overall long-to-short ratio of 0.6869. This indicates a substantial increase in the quantity of selling positions.
Given the price action analysis and the abrupt increase in pessimistic sentiment inside the cryptocurrency market, the downward trend is expected to intensify. The breakdown rally is expected to encounter immediate support at the psychological threshold of $80,000, followed by the horizontal level at $76,722.
Should the bulls have a significant rejection at an inflated price, the uptrend is expected to ascend to the $92,118 resistance level.
#MarketPullback #BTC $BTC
With liquidations in the cryptocurrency market approaching $400 million, the decline in Bitcoin is accelerating. Declining below the $85,000 support level, Bitcoin has had a 2.78% intraday retracement, forming a bearish engulfing candle.
This jeopardizes the rebound of the preceding week and signals a prolonged decline. Will this lead to a retest of the $76,000 threshold? Let us ascertain.
The daily chart indicates that the BTC price trend has seen a short-term rebound inside a rising channel pattern. Nevertheless, owing to the current slump, the Bitcoin price movement presently exhibits a bearish flag pattern.
Moreover, the intraday retracement, forming a bearish engulfing candle, signals a potential collapse. The breach of the 200-day EMA and the local support trend line, coupled with a sharp increase in supply pressure, signals a potential prolonged correction.
The downward trend has fallen below the $85,000 threshold and is now trading at a market value of $84,654. The significant decline in Bitcoin prices has triggered a fresh round of sell-offs in the wider market.
The derivatives market experiences a surge in fear.
As Bitcoin prices decline, the derivatives industry suffers. The Bitcoin open interest has decreased by 2.57%, totaling $55.47 billion. Simultaneously, the long-to-short ratio in recent hours has been markedly negative.
Short holdings now represent 59.28%, with an overall long-to-short ratio of 0.6869. This indicates a substantial increase in the quantity of selling positions.
Given the price action analysis and the abrupt increase in pessimistic sentiment inside the cryptocurrency market, the downward trend is expected to intensify. The breakdown rally is expected to encounter immediate support at the psychological threshold of $80,000, followed by the horizontal level at $76,722.
Should the bulls have a significant rejection at an inflated price, the uptrend is expected to ascend to the $92,118 resistance level.
#MarketPullback #BTC $BTC
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