๐Happy 4th of July, #Bitcoin!๐ Celebrating with a 2% dip, testing a key support line for the first time since Oct 2023. ๐ข
Some say it's due to a lack of positive sentiment & consistent selling pressure. But hey, what's a party without a little drama? ๐
24-hour Bitcoin long liquidations are nearing $60M. BTC/USD crossed its 200-day MA for the first time in 10 months. But don't panic, the 200-day MA is at $58,400, slightly below the spot price after a brief bounce. ๐
DecenTrader warns of long liquidations closer to $50K if the price continues to drop. But remember, every cloud has a silver lining. If Bitcoin does breakdown, $51K-$52K remains the area with significant 3x, 5x, and 10x longs liquidity. ๐
Capriole Investments' founder, Charles Edwards, points to significant sell-side pressure throughout the year. But hey, we're optimists here! ETFs are not the only demand factor in the current market. ๐ช
So, what's your take on this roller coaster ride? Share your thoughts below! Let's keep the conversation going. #DeFi #Web3 #Technology