Bitcoin

Why Crypto Market Is Falling Today, Did Bitcoin Price Fall Prey To FUD?

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Highlights

    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.

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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.

Also Read: Bitcoin Price Falls Sharply – Where is BTC Price Heading Next? Popular Analyst Issues warning!

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. 

btcliquidation

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. 

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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