Why Did Crypto Just Decline? BTC Surpassed Critical Barrier level Level
Bitcoin has just surpassed critical resistance levels and subsequently plummeted, coming on the heels of a $1.7 billion total liquidation across the trading market four days prior, followed by an additional $1.12 billion in liquidations.
Nonetheless, ETH is at the forefront of the liquidation figures with $425M in long liquidations compared to BTC’s $272M. Over 250,000 traders have faced liquidation, with the largest single liquidation occurring on Hyperliquid, involving an ETH-USD pair worth $29.12 million.
Will this mark the bottom that traders have been anticipating for October, or is it the onset of a bear crypto market?
Let’s explore.
(Source – Coinglass)
Bitcoin Plummet or Generational Opportunity?
Bitcoin faced rejection at the $114K mark, enticing numerous longs into a trap. The longs experienced over ten times the liquidation compared to the shorts. The price of BTC was dropped sharply below the POC level of the Volume Profile indicator, dragging the overall altcoin trading market down further.
Currently, the RSI indicator indicates bullish divergence, as the BTC price finds price floor at the lower boundary of the VP indicator within the $108K-$110K range. Many traders perceive this as a favorable entry point for the coming month, particularly with potential rate cuts that could propel Bitcoin higher.
(Source – TradingView)
On a daily chart, a notable area of interest coincides with the $108K-$110K zone. However, if this level fails to hodl, we may witness another downturn in BTC, potentially driving us even lower.
This could lead Bitcoin to retest the 200 SMA (Smoothed Moving Average) and possibly assess the overall bull trading market trend. At this moment, if buyers engage, a significant V-shaped recovery could emerge, suggesting readiness for another upward movement.
(Source – TradingView)
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Key Takeaways
The post Why Did Crypto Just Drop? BTC Broke Key Price ceiling Level appeared first on 99Bitcoins.
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