Bitcoin

The cryptocurrency market is on edge as Bitcoin price faces potential turbulence, with a prominent analyst warning of a looming 10% <a href="https://coingape.com/is-a-short-term-correction-looming-for-bitcoins-price/" target="_blank" rel="noopener">BTC correction</a> within three days. This analysis from the market expert has sparked concerns in the crypto market, especially after BTC witnessed robust gains recently. Subsequently, a staggering $300 million in crypto liquidations in the past 24 hours has added to the market’s volatility, exacerbating concerns among investors and traders. 
<h2 id="analyst-warns-of-a-potential-bitcoin-price-correction">Analyst Warns Of A Potential Bitcoin Price Correction</h2> 
Top crypto analyst Ali Martinez warns of a potential 10% Bitcoin price correction within the next 3 days. In a recent X post, Martinez shared a technical chart for BTC price and said that the TD Sequential indicator’s sell signal on Bitcoin’s 3-day chart. 
In addition, he highlighted the indicator’s past reliability, citing two instances where similar bearish signals preceded a 10% Bitcoin price correction. Notably, this announcement sparks concern among investors, as previous instances of similar signals led to significant price downturns in BTC. 
<figure style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" src="https://pbs.twimg.com/media/GG2j-R-XAAA5-jd?format=jpg&amp;name=4096x4096" alt="Bitcoin Price Analysis" width="759" height="511">
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 Source: Ali Martinez, X
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Now, market participants and enthusiasts are closely monitoring market movements, anticipating potential shifts in Bitcoin’s value amidst heightened volatility. Besides, Martinez’s insights underscore the importance of technical analysis in navigating <a href="https://coingape.com/glossary/cryptocurrency/" target="_blank" rel="noopener">cryptocurrency</a> markets and informing decision-making strategies for traders and investors alike. 
Meanwhile, the ominous prediction comes amidst a backdrop of heightened market activity and growing apprehension among traders. CoinGlass <a rel="nofollow" href="https://www.coinglass.com/LiquidationData" target="_blank">data</a> reveals a substantial uptick in crypto liquidations, with over 100,000 traders liquidated in the last 24 hours alone, amounting to a staggering $300 million. Notably, the largest single liquidation order, valued at $9.70 million, underscores the magnitude of the market’s volatility. 
Also Read: <a href="https://coingape.com/ethereum-whale-accumulates-65k-eth-a-price-rally-ahead/" target="_blank" rel="noopener">Ethereum Whale Accumulates 65K ETH, A Price Rally Ahead?</a> 
<h2 id="price-performance-market-dynamics">Price Performance &amp; Market Dynamics</h2> 
Bitcoin’s recent price decline, coupled with significant liquidations, underscores the market’s vulnerability and the potential for further downside. In the past 24 hours, <a href="https://coingape.com/glossary/bitcoin/" target="_blank" rel="noopener">Bitcoin</a> noted a slump of about 2% in its price, resulting in the liquidation of over $48 million in long positions and $28 million in short positions. Besides, Ethereum also faced substantial liquidation, totaling $59.57 million within the same timeframe. 
In addition to the apprehension, data from CoinGlass <a rel="nofollow" href="https://www.coinglass.com/BitcoinOpenInterest" target="_blank">indicates</a> a decline in Bitcoin Futures Open Interest (OI), reflecting waning confidence among investors. Currently, it stands at 460.64K BTC or $23.66 billion, marking a 2.49% decrease in the last 24 hours. 
Specifically, on the CME Exchange, Bitcoin Futures OI dropped by 2.26% to 129.77K BTC or $6.66 billion, while on Binance, it fell by 3.67% to 113.53K BTC or $5.83 billion. This decline in open interest suggests a potential shift in market sentiment or trading activity among investors in Bitcoin futures, reflecting ongoing fluctuations in the cryptocurrency market. 
Meanwhile, as of writing, the <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener">Bitcoin price</a> slipped 2.31% to $51,093.96, while its trading volume surged 43.69% to $33.24 billion. However, in the last 30 days, Bitcoin has noted gains of over 22% in its price. 
Also Read: <a href="https://coingape.com/binance-announces-47th-launchpool-project-portal-bnb-price-jumps/" target="_blank" rel="noopener">Binance Announces 47th Launchpool Project PORTAL, BNB Price Jumps</a> 
The post <a href="https://coingape.com/bitcoin-price-btc-heading-10-correction-next-3-days/">Bitcoin Price: Is BTC Heading For A 10% Correction In Next 3 Days?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Bitcoin Price: Is BTC Heading For A 10% Correction In Next 3 Days?

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Altri articoli pubblicati su 21 feb 2024

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