Heena Kousar
New member
According to Coinpedia, the collapse in the of the leading cryptocurrency, Bitcoin has destroyed liquidity levels going all the way back to 2020. The market took a hit, after the crypto space had a top-profile liquidity issue hitting the FTX exchange. As a result, the king of cryptocurrency has now corrected to a two-year low, leaving bulls look hopeless.
Coinpedia claims that the crypto market itself is in free fall, and many altcoins, including ripple, Ethereum, Binance, all are down by acros 15%. Moreover, the price of Bitcoin increased its downward trend and even traded beneath the $16K support levels. BTC price dropped as low as $15,555 recently, and is currently extending losses. It has been said that Bitcoin may keep falling if a recovery wave does not form across the $16,500 support level.
Technicals take a hit.
As per the platform, the price of 1 BTC is $16,274 and the past 24 hours of the dramatic drop observed long liquidations of 679,000,000 dollars. Currently, Bitcoin is trading at levels seen back in 2020, just before the epic bull run. The volume profile index displayed lesser transactions at the current sell-off that during the liquidation following the US midterm elections. The next target would be 2020 liquidity levels between $15,000 and if possible $14,500 provided the decline is still ongoing.
Moreover, if the bulls are capable to break via the $17,900 swing high, the bearish combat may become invalidated. By performing this, a surge toward $21,500 might take place. The price of BTC would increase by 35% as a result of this performance. While, the technical aspects of BTC are currently also negative. A breakdown of the one-day technicals, in specific states a strong sell at 16, just similar to moving averages do at 14.
Coinpedia claims that the crypto market itself is in free fall, and many altcoins, including ripple, Ethereum, Binance, all are down by acros 15%. Moreover, the price of Bitcoin increased its downward trend and even traded beneath the $16K support levels. BTC price dropped as low as $15,555 recently, and is currently extending losses. It has been said that Bitcoin may keep falling if a recovery wave does not form across the $16,500 support level.
Technicals take a hit.
As per the platform, the price of 1 BTC is $16,274 and the past 24 hours of the dramatic drop observed long liquidations of 679,000,000 dollars. Currently, Bitcoin is trading at levels seen back in 2020, just before the epic bull run. The volume profile index displayed lesser transactions at the current sell-off that during the liquidation following the US midterm elections. The next target would be 2020 liquidity levels between $15,000 and if possible $14,500 provided the decline is still ongoing.
Moreover, if the bulls are capable to break via the $17,900 swing high, the bearish combat may become invalidated. By performing this, a surge toward $21,500 might take place. The price of BTC would increase by 35% as a result of this performance. While, the technical aspects of BTC are currently also negative. A breakdown of the one-day technicals, in specific states a strong sell at 16, just similar to moving averages do at 14.
