📢【Blockchain market latest news: Bitcoin long liquidation may usher in a local bottom】

BlockBeats news, on October 4, CryptoQuant analysts brought us the latest market insights. Although Bitcoin's price sentiment is still bearish, technical indicators suggest the possibility of further declines. However, the level of long position liquidation in the Bitcoin futures market reveals a good news: the selling pressure in the market seems to have eased.

During a sharp drop in prices, the number of contracts purchased tends to drop sharply due to liquidation, which alleviates the selling pressure in the market to a certain extent. On October 1, more than 4,000 BTC longs were liquidated, which was the second largest liquidation event in 2024 according to CryptoQuant data. Such high losses and liquidation moments usually form a local bottom, opening up space for short-term recovery.

Despite this, the current market sentiment remains cautious. Analysts pointed out that prices may remain in the current range in the short term, but attention needs to be paid to the strength of buying to reverse the decline. This means that while the market may usher in a brief respite, investors still need to remain vigilant and pay close attention to market trends.

For fans of the blockchain and cryptocurrency markets, this is undoubtedly a moment worth paying attention to. The volatility and uncertainty of the market bring both risks and opportunities. You can share your views and predictions in the comment section to discuss the future direction of the market. Do you think Bitcoin will rebound in the short term? Or will it continue to fall? Welcome everyone to speak up and discuss together!

In general, although market sentiment is bearish, the liquidation of long positions may provide us with a signal of a local bottom. How the market will trend in the future still requires our continued attention and analysis. Whether you are bullish or bearish, I hope everyone can invest rationally and do a good job of risk management.

💬 What do you think of the current market situation? Leave your insights in the comment section!