BTC plunge triggers liquidation
BTC price plummeted to $66,699, down 8.2% in the past 24 hours, which resulted in over $680 million in assets being liquidated. Long order liquidations amounted to $545 million, while short order liquidations amounted to $134.6 million, affecting 193,270 people.
What Analysts Say About Price
Some cryptocurrency analysts have issued warnings about BTC’s short-term moves. According to the analysis, a confirmed downward breakout of the rising wedge indicates that Bitcoin price may fall further. It is expected that this drop may cause Bitcoin price to test the $60,000 level, and the market may correct before the halving rebound.
The impact of the MVRV indicator
The Market Value vs. Realized Value (MVRV) indicator, used to predict Bitcoin price movements, currently indicates a possible test of the 2.4 MVRV level, around $60,000, reinforcing expectations of an imminent Bitcoin price correction.
Analyst view
Another analyst is pessimistic about Bitcoin, stating that a price increase is unlikely in the current market. He noted that while the recent decline has reduced open interest (OI), more downside is expected before the "baseline." Analysts further identified a “green zone” of support near $63,000 to $64,000, where a rebound could occur as open interest decreases.
