Bitcoin market analysis shows we're in a week of high volatility and strong bearish pressure, losing key levels that have been held for months. The price is bouncing between $61,000 and $62,000, trying to establish a floor after the heavy retracements we've seen lately. Just yesterday, the selling pressure pushed the price down to a daily low of $61,100, levels we haven't seen in almost four months.
The derivatives market took a serious hit with a cascade of liquidations on long positions exceeding $620 million, extending to over $1.1 billion when you factor in the rest of the crypto market. This coincided with record capital outflows from the ETFs of $BTC in spot.
The derivatives market took a serious hit with a cascade of liquidations on long positions exceeding $620 million, extending to over $1.1 billion when you factor in the rest of the crypto market. This coincided with record capital outflows from the ETFs of $BTC in spot.