The crypto market has seen a significant increase in liquidations, reaching $1 billion. Bitcoin has failed to maintain its bullish momentum, breaking the $84,000 support level and reaching a 24-hour low of $82,450. The bearish pressure has raised concerns of a retest of $76,000 levels in BTC pricing. Bitcoin's price has dropped to $83,713, experiencing an 8.61% pullback and a 2.84% intraday pullback, indicating a potential breakdown towards the $76,000 level. The MACD and Signal lines have failed to make a bullish crossover, suggesting a potential downfall. The decline in BTC prices warns of the lowest daily closing price since November 2024. There have been significant liquidations in the crypto market, with Bitcoin witnessing a $370 million liquidation in the past 24 hours. The long-to-short ratio stands at 0.9558, and open interest has declined by 12.81% to $47 billion. Institutional support for Bitcoin has not resurfaced, with US-spot Bitcoin ETFs experiencing net outflows of $74.19 million. ARK and 21Shares ETF remain the only purchasers of Bitcoin, with a positive inflow of $58.18 million. BlackRock and Grayscale have sold significant amounts of BTC. The pivot levels suggest that the downfall could reach the S1 support level around $74,000, but there is a slight support level above at $76,722. On the bullish front, a recovery could challenge the center pivot level near $88,500.



Other News from Today