Bitcoin sees liquidations worth millions in a day: Is $BTC price feeling the heat? - AMBCrypto Analytics

AMBCrypto’s look at Bitcoin’s price trend revealed a notable drop on the 24th of June, with its value plunging to a low of $58,414 during the trading session.

By the session’s close, it had partially recovered to around $60,263 yet still recorded a 4.60% decline from its opening value. This drop triggered significant liquidations in the market.

As of this writing, its price had risen to approximately $61,300, reflecting an increase of around 1.70%. During the decline, the Relative Strength Index (RSI) for Bitcoin fell below 30, signaling a strong bearish trend. 

Although the RSI has slightly recovered above this critical threshold, it suggested that while there has been a minor improvement, BTC still predominantly exhibited strong bearish momentum.

The analysis of Bitcoin’s 30-day Market Value to Realized Value (MVRV) ratio, as reported on Santiment, revealed a concerning trend of decline.

This ratio, which compares the market value of an asset to its realized value, dipped below zero around the 10th of June. 

The dip indicated that the average market participants were holding Bitcoin at a value lower than their purchasing price.

The recent price drop exacerbated this situation, with the MVRV ratio plummeting to approximately -9.7% on the 24th of June.