SNEAK PEEK
- Bitcoin’s bearish grip intensifies with liquidations surging, hitting long positions.
- Bulls struggle as BTC price dips below $29K amid cautious investor sentiment.
- The BTC market shows signs of decline with oversold signals hinting at a bounce.
As Bitcoin dipped below the $29K threshold and the overall crypto economy experienced a 1.4% decrease to $1.17 trillion, cryptocurrency derivatives markets underwent $92 million in liquidations, primarily in long positions.
#Bitcoin back to the lows again.
Boring price action, but losing $29K seems likely to have a pretty harsh sweep beneath the recent lows. pic.twitter.com/Mk4ZhiSbJr
— Michaël van de Poppe (@CryptoMichNL) August 3, 2023
Consequently, the bulls’ attempts to dominate the Bitcoin market failed as the bears strengthened and grabbed control during the previous 24 hours, causing prices to fall from an intraday high of $29,581.30 to an intraday low of $28,946.5. This ongoing bearish trend led to a 1.46% decrease in BTC’s price, which stood at $29,035.73 during this writing.
During the same period, BTC’s market capitalization and 24-hour trading volume also saw declines of 1.45% and 25.10%, reaching $564,698,988,392 and $15,061,927,825, respectively. This drop is likely due to investors’ uncertainty and caution, leading them to closely monitor the BTC market and refrain from significant investments until a recovery is observed.
The BTC market is significantly declining, as indicated by the Aroon up and down readings of 7.14% and 100.00%, respectively. This crossover suggests a greater possibility that the market will soon keep moving down. The market is under more selling pressure than purchasing pressure, as shown by the Aroon down value being significantly higher.
On the price chart for the Bitcoin market, the Money Flow Index (MFI) line has a value of 15.20 and is directed southward. This trend illustrates the market’s bearishness and indicates that selling pressure may soon increase. This move illustrates moderate volatility in the BTC market because prices are likely to fluctuate within a constrained range.
The Bollinger Bands (BB) readings for the upper and lower bands are 29910.43 and 28946.24, respectively. These findings show that the BTC market has a small range of price variance and moderate volatility. The 964.19 gap between the two bands suggests that short-term traders may have opportunities to profit from the average price movement in the BTC market.
The Chande Momentum Oscillator (ChandeMO) is south-facing and in the negative range with a reading of -49.47 on the BTC market’s 2-hour price chart. This motion indicates that the market price of BTC has recently been swiftly decreasing and may be due for a short bounce because it is currently oversold.
In conclusion, as Bitcoin’s bearish grip tightens, cautious investors await recovery signs amid surging liquidations and price dips.
Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions.
