Bitcoin Surges Back Above $89,000 After $807 Million Liquidations in 24 Hours
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1d ago
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Source: Benzinga
- Market Volatility: Bitcoin experienced significant volatility during the trading day, fluctuating between $88,000 and $90,000 before settling at $89,772, indicating uncertainty in the market and shifts in investor sentiment.
- Severe Liquidations: Coinglass data reveals that 179,931 traders were liquidated in the past 24 hours, resulting in total losses of $807.3 million, highlighting the high-risk environment and liquidity issues in the crypto market.
- Sentiment Shift: Bitcoin's Fear and Greed Index has shifted to 'Fear', which often signals potential trend changes, although extreme fear does not necessarily indicate a buying opportunity.
- Technical Analysis Warning: Analysts note that Bitcoin is breaking down from a bear flag formation on the daily chart, with weak capital flows not yet supporting a sustained upward move, suggesting a potential further decline towards $83,000 in the near future.
Analyst Views on BTC
Wall Street analysts forecast BTC stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for BTC is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
