Bitcoin exhibited a pattern of rising before falling this week, oscillating around the $96,500 level before the weekend. The Trading View error triggered a black swan event, showing Bitcoin's dominance plummeting to 0%, leading to massive liquidations of long positions.
Trading View Bitcoin dominance 'error' plummeted to 0%
Cryptocurrency community users report an anomaly in the Trading View Bitcoin dominance chart, with Bitcoin falling to $95,000. The error shows that Bitcoin's share of the total cryptocurrency market capitalization has dropped to 0%. It is claimed that this error was behind the subconscious trading reaction, which has now been corrected.
"This error incorrectly displayed Bitcoin's dominance as 0%, causing trader panic and subsequent market turmoil. This led to a massive liquidation, with about $33 million in Bitcoin longs being liquidated within a few hours," he added.
He stated: 'A timely malfunction also occurred on Trading View, causing the Bitcoin dominance indicator to drop to 0%, which may have triggered additional capital outflows. Therefore, the panic selling caused by the low liquidity environment due to a technical error, combined with strategic profit-taking after a relatively positive year, and significant institutional changes with $338 million outflows from Bitcoin ETFs on the eve of Christmas, are the most likely catalysts for the decline in Bitcoin's price over the past 24 hours.'
Bitcoin continues to fluctuate; the market seems calm on the surface but is actually brewing with uncertainty in the strength of bulls and bears within the consolidation range. Do you understand it?
Whether the market rises or falls does not depend on a single force, but rather the outcome of the interplay of multiple factors.
Just like the daily chart of Ethereum right now.
After experiencing three days of decline, there is panic; in recent days, there has been fluctuation, and many people are worried about further declines following this consolidation.
The reasoning for expecting continued declines is simply because it has fallen before; such a simplistic reason does not necessarily mean it is correct.
Recent market trend observations: The first wave of decline was accompanied by increased volume, followed by two more declines during the consolidation process, with each decline seeing gradually decreasing volume, indicating a weakening downward trend.
Following the first wave of decline, a 'hammer candle' with increased volume appeared, indicating that the bulls are starting to exert strength.
After the hammer candle, the market did not create new lows, with lower points gradually rising, showing the weakness of the bears.
Ali revealed on Twitter that trading in the cryptocurrency market has been active recently, with large investors purchasing over 90 million Dogecoins in just two days, highlighting the growing interest of major participants in the crypto space, especially in Dogecoin.
It has been observed that Dogecoin trading activity shows a positive trend on the four-hour TD Sequential indicator, which suggests that its price may rise.
Currently, the price of Dogecoin hovers around $0.31, having slightly dropped by 2% in the past 24 hours.
From the recent trading pattern, a green candle with an arrow has appeared, which may be a potential signal of value growth. This key detail has drawn significant market attention, with many eyes focused on the next price movement of Dogecoin.
The current price chart trend indicates that once Dogecoin successfully breaks through these key levels, its subsequent price movement is likely to repeat the historic bull market, bringing substantial returns to investors.