🚀Bitcoin's rollercoaster ride continues! It took a 2% dip, hitting a low of $57,885, testing key support lines for the first time since Oct 2023. 📉 But hey, who doesn't love a good thrill, right?

This dip, driven by consistent selling pressure and a lack of positive sentiment, has created a challenging environment for our Bitcoin bulls. 🐂 But remember, every cloud has a silver lining!

Trader Skew noted that BTC/USD crossed its 200-day moving average for the first time in ten months. However, for this to act as a systematic trigger, we need to see market demand & reversal signs.

Looking at the broader picture, trading suite DecenTrader highlighted a significant amount of long liquidations closer to $50,000 if the price continues to decline. But, if Bitcoin does breakdown, $51k – $52k remains the area where there's a significant amount of 3x, 5x, and 10x longs liquidity.

Charles Edwards, founder of Capriole Investments, pointed to clear factors influencing Bitcoin’s recent downside. He emphasized that ETFs are not the only demand factor in the current market.

So, what's your take on this? Are we going to see a bounce back or a further dip? Share your thoughts in the comments! #Bitcoin #CryptoNews #DeFi #Web3 #Technology