#Bitcoin ’s loss of the $94,000 support level has driven market-wide crypto liquidations to $242.21 million. However, unlike previous liquidation runs, the difference between long and short liquidations has significantly reduced.
Long-side liquidations total $128.98 million, while short-side liquidations account for $113.28 million.
Bitcoin Price Analysis
In the daily chart, BTC’s price action showcases an intraday pullback of 1.06%. Currently, Bitcoin is trading at $93,990, creating its fourth consecutive red candle.
Furthermore, as predicted in our last price analysis article, BTC price managed to create a doji candle with a lower price rejection from the 50-day EMA. This has increased the chances of a Morning Star pattern.
However, the intraday pullback limits the chances. Nevertheless, with Bitcoin sustaining above the 50-day EMA line, the chances of a comeback are still significant. BTC has witnessed lower price rejections and bounce-backs from levels above $90,000 multiple times in the last month.
However, the slowdown in bullish momentum has dropped the RSI line to 42.38 as it inches closer to the oversold boundary line. Hence, the technical indicator maintains a bearish outlook.
