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After another mighty game at its highest level last week, the price of Bitcoin tried to take on the last stubborn momentum. Over the past few days, the most essential cryptocurrency has been particularly leisurely and dull.
On Friday, June 20, the price of Bitcoins took a earnest hit – along with the rest of the cryptographic market – and dropped shortly below USD 103,000. However, the latest market data suggest that the price of BTC can enjoy some stability after a recent round of long liquidation.
BTC Brecing for the series “Healthier Price”: Analyst
In the Quicktake post on the Cryptoquant platform, AMR Taha chain analyst explained The dynamics between the Bitcoin price and its recent liquidation event. According to online experts, the market leader may prepare for a more stable price campaign in the next few weeks.
Taha revealed that the critical liquidation cluster of USD 103,000, which maintained a immense number of long positions on Binance, was removed. This cascade of long liquidation occurred after the Bitcoin price fell on Friday evening to USD 102,500.
According to Cryptochan data, a decrease in prices caused long liquidation of Binance, the world’s largest stock exchanges according to the volume of turnover, exceeding $ 160 million. The analyst in the chain noticed that this long liquidation event also coincided with a earnest change in Bitcoin net volume on the exchange of cryptocurrencies.
Taha emphasized that the net volume moved deeply to negative territory, falling to almost $ 100 million on the last day. As observed in the chart below, the last immersion means the third time when the net volume fell to this level in June.
According to Tah, the change of this metric suggests that aggressive sales prevailed over purchasing activity during the liquidation event. The analyst in the chain presents two possible reasons for this trend, in the fact that long positions were forced to close, throwing sales orders on the market, because the price of Bitcoins dropped below USD 103,000.
Taha added that some sections of Bitcoins retail traders could press the panic button and complete modern sales orders for fear of further losses. Ultimately, the cryptographic analyst stated that the combination of long liquidation and very negative net volume may not be completely bad for the flagship cryptocurrency.
They were behind:
While such events often seem destructive at the moment, they put the foundations for a healthier price. Considering this dynamics, the slightest resistance path can now change up when Bitcoins stabilize above key support levels with reduced lever costs.
Bitcoin price at first glance
From this letter, the price of BTC is around USD 103,450, which reflects the decrease by over 1% in the last 24 hours.
Recommended photo from Istock, chart from TradingView
