Bearish Sentiment Dominates Bitcoin Market Amid $200 Million Liquidations
Bitcoin's price continues to face downward pressure, leading to significant liquidations within the crypto market.
Bitcoin faced another wave of pessimism in the market as its ongoing price stagnation led to over $200 million in daily liquidations.
Key Highlights:
- BTC is predicted to drop further due to weak recovery signals.
- Increasing liquidations stand in contrast with Bitcoin’s price stability.
- Crypto funds continuing to see net outflows for the fourth consecutive week amid intense bearish emotions.
Analyst Insights
Data from TradingView indicates that BTC/USD is trading within a tighter range, hitting lows of $65,620 today.
BTC/USD Chart
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
Crypto trader and analyst Michaël van de Poppe remarked, “Not a strong bounce, and constant lower highs,” suggesting more tests for Bitcoin’s support levels.
BTC/USDT Chart
BTC/USDT four-hour chart. Source: Michaël van de Poppe/X
In his observations, CryptoReviewing noted significant liquidations continuing despite low volatility in Bitcoin’s price.
Institutional Movement
Mainstream commentator The Kobeissi Letter pointed out a significant retreat from institutional investors in crypto markets. Their report highlighted a massive outflow of $173 million from crypto funds last week, marking the fourth negative week in a row for funds.
Weekly Crypto Flows
Weekly crypto asset flows. Source: The Kobeissi Letter/X
