The crypto market experienced a significant liquidation of $1.47 billion, with Bitcoin alone recording $630 million in liquidation. Bitcoin's price dipped to a 24-hour low of $86,314, resulting in its second consecutive bearish candle. The price is approaching the 200-day EMA line, and there are concerns that it could drop near the $75,000 mark. The daily chart shows a bearish reversal influenced by local support or resistance trendlines, and the price has fallen below the 50- and 100-day EMA lines. The selling pressure has led to the formation of two bearish engulfing candles, and the 50- and 20-day EMA lines have had a bearish crossover. Several Bitcoin ETFs have seen significant outflows, with Fidelity leading the way. The recent sell-off has caused roughly 12% of all Bitcoin addresses to hold at a loss, the highest unrealized loss percentage since October 2024. The market price briefly rebounded to $88,231, suggesting a potential comeback if the bulls can maintain dominance near the 200-day EMA line. However, if the price closes below this line, Bitcoin may retest the support level near $75,000. A rebound above $90,000 could boost investor confidence, but continued institutional outflows could lead to further market panic.



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