Data from TradingView shows that BTC/USD has established a local intraday bottom at $28,520.
BTC evaporated nearly $1,500 during the day as more than $200 million in long liquidations took place.
Subsequent reactions linked the price action, stemming from the sale of 16,000 BTC in the market #Binance.
However, investors remained relatively calm, arguing that key support levels were still holding amid the pullback.
“Returning to $28,000 is very normal,” popular trader, Credible Crypto, wrote in the comments section on Twitter.
Meanwhile, #Crypto Tony appeared more cautious, hinting that further downtrend is on the horizon.
“Personally, I am still staying out of the market and waiting for some solid signals to form before jumping in.”
Meanwhile, analyst Rekt Capital sees $28,800 as a key level to watch on weekly timeframes.
Caleb Franzen, senior market analyst at Cubic Analytics, was aiming for slightly lower numbers, pointing to a potential area of support in CME Group's Bitcoin futures market.
At around $27,000, this is the “gap” in the futures market left over from mid-2022, which spot prices have only been able to “fill” in recent weeks.
“CME futures have yet to retest this key support and resistance zone, but came very close this morning,” he commented.
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