Bitcoin witnessed a massive dip in double digits, after a series of healthy gains today
It is expected to be the biggest long liquidation in the recent times, probably after the recent mid-may crash
Investors are now buying the dip! A reversal in trend might be expected.
Things didn’t go as expected for the star crypto, Bitcoin, as it saw a dip post a series of healthy runs on the charts. The BTC price is $46566 at press time. The asset came to a 24 hour low of $43,285.21, from its 24 hour high of $52,853.76.
According to bybit, nearly $3.54 billion liquidations took place which is expected to be the biggest long liquidation in recent times. However, the longs continue to liquidate and hence the BTC price has plunged 12% more.
Most of the liquidations reportedly took place on ByBit, the largest single liquidation order was at Huobi, and it had a face value of over $43 million. Moreover, the rounds of manipulations and pre-planned actions are surrounding the crypto space.
Also, the dump is speculated to be the outcome of the ‘buy the rumour, sell the news. Lark Davis, a popular analyst, raised this possibility ahead of the El-Salvador’s big day. However, despite the bearish trend, the BTC price could be back on track in the upcoming weeks. Because
- The BTC price is still above the previous month’s low at $37,326.83
- Previous month broke $41,382 which was the consolidation high that took place from May Until August 2021
- Price rejected 0.618 FIB perfectly measured from swing low to high considering previous month low and current month high
- The trend of correcting the downtrend line and a retest was broken which is a healthy signal
Amid the much negative surroundings, yet many utilized the dip opportunity in accumulating more as El-Salvador did. And moreover, despite the bloodbath in the crypto space, yet the BTC price is expected to hit $100K soon.