Bitcoin falls to $55K as crypto liquidations breach $580M
Around $193 million in long Bitcoin positions were liquidated in the past 24 hours, with the price of BTC hitting its lowest point since February.
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Around $193 million in long Bitcoin positions were liquidated in the past 24 hours, with the price of BTC hitting its lowest point since February.
Bitcoin traders say “the bottom is in” even as BTC price retests the 200-day moving average and threatens to descend lower.
The price of Bitcoin briefly dropped as low as $57,900 amid a wider sell-off in the crypto market.
Bitcoin’s volatility is compressing, which is a sign that a sharp range expansion is brewing.
Bitcoin has been in a downtrend since the beginning of June, struggling to gain upward momentum despite positive ETF inflows.
Capriole Investments founder Charles Edwards says that multiple onchain metrics point to a “sign of weakness” in Bitcoin price.
Millennium Management, holding 27,263 BTC worth $1.69 billion, has allocated about 2.5% of its $67.70 billion total assets under management to Bitcoin.
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