Bitcoin (BTC) price has not yet recovered from the loss of momentum experienced in the last few days. The cryptocurrency market seems to be in danger of further decline, but interestingly, the bullish sentiment of investors may be behind this decline.
Bitcoin experienced an unexpected decline. Its price dropped from $62,000 to $53,300, shocking the cryptocurrency market and dashing the bullish expectations of many investors. A total of $263 million in long positions were liquidated in the futures market in the last three days. This was recorded as the second highest liquidation in the last two weeks, while the previous high was observed three months ago in April. Normally, such high liquidations can help calm investors and cool the market, but Bitcoin holders seem to think differently this time. The decline is attributed to the pessimistic speech made by Federal Reserve Chairman Jerome Powell earlier this week.
Investors are expecting a rapid recovery and are poised to profit from it. Analyst Willy Woo drew attention to this point when explaining the differences that could create a bear market in the futures market. According to the Bitcoin Open Value Oscillator, there are still approximately half a million open long positions. He noted that if the price of Bitcoin falls further, these long positions could be liquidated, leading to a prolonged bear period for BTC.
What to expect at the price now? Bitcoin, trading at $56,961 at the time of writing, is stabilizing after dropping to almost $53,300 yesterday. The cryptocurrency has yet to realize the expected 17% decline resulting from the double top formation that formed four months ago. This forecast targets a drop to $50,900, which would lead to massive long position liquidations as mentioned above. If Bitcoin loses the $55,000 support, this possibility will become even stronger.
On the other hand, if Bitcoin price can make an upward bounce from $55,000 and turn $58,800 back into the support level, the recovery could begin. This could allow it to rise to $60,000 to invalidate the bear thesis. As a result, the Bitcoin market is at a critical stage. Investors' expectation of a rapid recovery could destabilize the market and trigger the expected decline. It is necessary to closely monitor whether Bitcoin can maintain the $55,000 support in the coming days and whether the price movements will confirm the above-mentioned predictions.
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