With the liquidation of the cryptocurrency market nearly $ 400 million, the fall of Bitcoin is gaining momentum. BITCOIN has registered 2.78%of the mental fullback in accordance with the $ 85,000 support, creating an engine.
This undermines the recovery last week and warns of an extended correction. Will this rebuild $ 76,000? Let’s find out.
Bitcoin price analysis
In the daily chart, the BTC price trend has shown short -term recovery in a rising channel pattern. But due to the dominant decline, Bitcoin price behavior now forms a weak flag.
Moreover, in the intravenous fullback, we make a weak candle and warn about the execution of the failure. As a 200 -day EMA line and local support trend line, the rapid surge in supply pressure warns of extended correction.
The decline trend is blowing at $ 85,000 and is currently trading at $ 84,654. The wider market is a wider market with a huge conflict of bitcoin prices.
The derivatives market witnesses a fear spike
As Bitcoin prices fall, the derivatives market is hit. Bitcoin’s interest interest decreases by 2.57%, reaching $ 55.7 billion. Meanwhile, the long -term ratio over the last few hours has been extremely weak.
The short position accounts for 59.28%and the overall long -term ratio is 0.6869. This shows a large surge in the number of sales positions.
Bitcoin price target
Based on the rapid surge in price behavior analysis and weakness in the encryption market, the decrease trend can gain momentum. Breakdown Rally will be directly supported by psychological support of $ 80,000 and will lead to a horizontal level of $ 76,722.
But if the bulls can witness expensive rejection, the rise will expand to the level of $ 92,118.
Also read: The XRP price is $ 1.50 on the horizontal struggle in the weak market?
