Bitcoin
Traders betting on a Bitcoin recovery suffered huge losses on August 1, when a downturn led to liquidations of a total of $279.44 million in long positions in 24 hours, including $218.57 million in liquidations.
The largest liquidation on OKX involved an ETH-USDT swap worth $4 million.
For market analyst DW, despite the significant downward move, the collapse of positions is not "extreme". DW said that the market has returned to low liquidity, warning of the possibility of strong selling in the future.
Meanwhile, independent analyst Mags took a more positive view on Bitcoin, saying that as Bitcoin trades near the upper boundary of a descending wedge, the price remains above key moving average support.
“The Hash Ribbons also printed a buy signal,” Mags said.
The analyst said that the current BTC price action is a short-term pullback, similar to previous instances where the hash belt turned green and was followed by a sharp rise.
"The price fell shortly after, followed by some consolidation and a nice V-shaped recovery. As long as the price stays above $60,000, it will be worth entering on dips."
The Bitcoin price correction on the first day of August is not surprising, as historical data shows that BTC prices tend to be weak in August after the volatility in July.
Data from the CoinMarketCap, which has been tracking BTC’s monthly returns since 2013, shows that Bitcoin’s average return in August was 2.24%.
Bitcoin prices have closed negative in August in eight of the past 11 years, with a historical average return of -6%.
Against the backdrop of weak Bitcoin prices, altcoins also suffered heavy losses, with only six altcoins seeing price increases in the past 24 hours, including AAVE +7.1%; HNT +5.6%; ORIGIN +5%; LEO +3.1%; XEC +1.8%; and FLOW +1.2%.
On the downside, BEAM fell 13.1%, followed by WIF, which fell 11%, and AR, which fell 10.3%, which were the only 3 coins in the top 100 that fell by double digits. The rest of the altcoins fell. Intraday losses fluctuated between 0.1-8.2%.
(Personal opinion, not a recommendation)
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