Bitcoin is seeing a huge amount of selling pressure at the time of writing. This is also reflected in its prices as we notice a notable decrease in its value. A few minutes to the time of writing, the apex coin dipped to a low of $21,700.
This spread panic in the market. A clear evidence of this is the REKT funds in the derivatives market. Over the last 24 hours, traders lost more than $240 million. Most of these liquidations took place within the last 4 hours. The figures exceeded $140 million and $170 million on the 12-hour scale.
The bulls accounted for most of the REKT capital. The total liquidated long positions made up 94% of the total liquidation over the last 24 hours. Another good day to be a bear, many may conclude.
With regards to BTC price, this is the first since January 21 that it’s lost the $22k support. Breaking the chart into a smaller timeframe (2-hour), we noticed the downtrend started at 2:00 pm UTC. Four consecutive red candles were the recipe for the current low.
Why did Bitcoin dip?
According to many sources who spoke with Cointelegraph, US authorities appear to be reviving previous tactics to target cryptocurrency businesses and banks that provide services to the sector. The most recent downtrend may be in reaction to such negative fundamentals.
Many may argue that BTC just had a golden cross. Why the sudden downtrend?
Recall that a previous analysis noted that the bullish interception may not annul bearish predictions. A previous analysis featured a chart that covered previous crosses and noted the downtrend that occurred afterward. It concluded by adding that the same may take place this time.
The extent to which bitcoin may dip is a question only time will answer. However, previous trends suggest a drop to its 30-day low. Will the same take place?
