Cryptocurrency Market Crash Triggers Massive Liquidations
- Market Plunge: Bitcoin (BTC) plummeted 18% from Thursday's high of $73,639 to an intraday low of $60,255 on Friday morning, marking its lowest level since October 2024, indicating a sharp decline in market confidence.
- Liquidation Surge: Over $2.6 billion in leveraged positions were liquidated in the past 24 hours, with 89% stemming from long positions, highlighting investor vulnerability during market downturns, particularly with Bitcoin's liquidation amounting to $1.08 billion.
- Weakening Institutional Demand: Spot Bitcoin ETFs faced over $1.2 billion in outflows over three days as investors reacted to weak U.S. economic data, reflecting diminishing confidence among institutional investors and exacerbating downward pressure on the market.
- Fear Index Plummets: The Crypto Fear and Greed Index dropped to a score of 9, signaling extreme fear among investors and marking the lowest level recorded in over three and a half years, suggesting a highly pessimistic market sentiment that could lead to further sell-offs.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Buy technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 3 indicators are flashing buy, while 1 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 58253.953 | 62807.306 | 66893.293 | 71446.646 | 75532.633 | 80085.986 | 84171.973 |
| Fibonacci | 62807.306 | 66107.534 | 68146.418 | 71446.646 | 74746.874 | 76785.758 | 80085.986 |
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