Bitcoin downtrend continues, likely testing $63-60K this wee | LARVA on Binance Square

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Bitcoin downtrend continues, likely testing $63-60K this weekend. ❗️ No buyers, so expect further decline. Longs risky, only for individual coins & short-term with risk management. Waiting for confirmation at $63-60K to open medium-term positions. 

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$BTC Update: 12-Hour Chart Analysis Bitcoin Bulls vs. Bears: A Dance on the Wedge Bitcoin broke free from the falling wedge pattern with a slight deviation, hinting at a potential reversal. However, new data suggests a 12-hour bullish divergence may be forming, which could indicate a short-term dip before the real climb. Here's what this means: A potential final drop: The bullish divergence could lead to a downward move before a more significant upward trend. This creates a clearer picture for identifying a true reversal point.CME Gap on Monday? If the dip happens, we might see Bitcoin open above the gap left by the Chicago Mercantile Exchange (CME) on Monday, further strengthening the bullish case. what are your thoughts? Bullish or bearish on this 12-hour timeframe? #Bitcoin #TechnicalAnalysis #Crypto

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Crypto Update: BTC Support and Resistance Levels Bitcoin (BTC) is currently eyeing crucial support around the 52k to 53k range, where a bullish harmonic pattern is forming. It's imperative for BTC to defend this support to avoid potential downtrends. Meanwhile, the 57k level has emerged as a formidable resistance, complicating BTC's current market dynamics. Given the volatility, traders are advised to exercise caution and implement stop-loss measures. Stay vigilant in the crypto markets! #Bitcoin #CryptoUpdate #MarketAnalysis

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#Bitcoin Open Interest Drops $1.2 Billion in 2 Days Over the past two days, Bitcoin's open interest has shed roughly ~$1.2 billion. This isn't due to a single liquidation event, but rather a gradual sell-off as traders close positions with each new price dip. While less dramatic than a sudden crash, this slow bleed can be more painful in the long run. #SOFR_Spike #US_Job_Market_Slowdown #BTC

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Binance Square Post: Bitcoin Plunges Below $59k! SOL and Doge Lead Crypto Bloodbath Hey Binancians! Get ready for some not-so-great news. Bitcoin took a nosedive today, dropping below $59,000 for the first time since April. Fears of selling pressure from the infamous Mt. Gox hack repayments and possible miner sales are spooking investors. Here's the Breakdown: Bitcoin (BTC): Down 3.3% in 24 hours.Ether (ETH): Feeling the heat too, down 4%.Solana (SOL) & Dogecoin (DOGE): Leading the losses with an 8% plunge each.Overall Market: The CoinDesk 20 index (tracks major tokens) is down a chunky 4.8%. But Wait, There's More! Over $230 million in longs liquidated on futures in the past 24 hours. That means some leveraged traders got burned betting on prices going up.Binance cleaned up the most with over $110 million in liquidations. Silver Lining (Maybe?) This liquidation frenzy could indicate a short-term dip in price volatility.Trading firm QCP Capital predicts a subdued market in the next quarter due to Mt. Gox uncertainty. ¯_(ツ)_/¯ Stay tuned for more updates! What are your thoughts on the Bitcoin price drop? #Bitcoin #Cryptocrash #MtGox #Binance #StaySAFU

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