BTC price remains weak during Wall Street trading, staying near two-month lows.
Bitcoin has not yet experienced the same level of seller capitulation as earlier this year.
The market saw extreme liquidations and drying liquidity, leading to 8% losses in BTC price.
Derivatives markets experienced a cascade of liquidations, with spot selling relatively slack.
The reaction to the write-down of SpaceX’s BTC holdings appeared exaggerated.
Total liquidations challenged those seen after the FTX exchange meltdown in November 2022.
Some analysts believe the situation is bleak, with a double-top formation and lack of support.
Others are more optimistic, identifying key tasks for successful price rebounds during retracements.
Next week’s commentary from Jerome Powell is seen as a potential source of volatility.
This article does not provide investment advice and readers should conduct their own research.