CandleFocus

$200 Million in Crypto Destroyed on Market as Bitcoin Bulls Perish

Author: Content Editor
The cryptocurrency market has experienced a significant retracement, with Bitcoin falling below the $67,000 mark, causing extensive liquidations. Over $193 million in positions were liquated, primarily long positions, indicating a possible decline in bullish momentum. Both Bitcoin and Ethereum have seen significant sell-offs, with the majority of liquidations occurring on Binance and OKX, suggesting traders were placing highly leveraged bets. Bitcoin tested a descending trendline resistance but failed to break above it, leading to a steep retracement. The next major support level for Bitcoin is around $64,000, and if liquidation pressure increases, the market may face further downside. Bitcoin needs to recover and hold above $67,000 to restore confidence in a bullish continuation. The market's current condition is uncertain, with price retracements and liquidation spikes creating an unstable atmosphere, so investors should be cautious.

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