Kryptodata

  • Market Cap: $2,538,651,455,930.15
  • 24h Vol: $135,170,647,240.00
  • BTC Dominance: 51.36%
Bitcoin price approaches $26K while cautioning that sell pressure on Bitcoin could potentially increase twofold

Bitcoin price approaches $26K while cautioning that sell pressure on Bitcoin could potentially increase twofold

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.

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