Bitcoin Drops 6%: Over-Leveraged Positions Fuel Decline !
Hello traders!
As we anticipated yesterday, after gaining strength from the cup pattern, Bitcoin dropped sharply, breaking below the $62,000 support level and falling over 6.18% today. This pullback, despite the overall bullish mood recently, was driven mainly by overleveraged positions and the classic “buy the rumor, sell the news” scenario, especially following the SEC’s approval of multiple spot Bitcoin ETFs.
On top of that, a wave of liquidations increased selling pressure, further contributing to the price decline. While the long-term outlook remains positive due to factors like the upcoming halving and growing institutional interest, short-term corrections are expected as traders take profits and the market consolidates.
The current downtrend could extend towards the lower support levels of $59,200 and $57,500, as suggested by the technical chart.
Best of luck, traders!
As we anticipated yesterday, after gaining strength from the cup pattern, Bitcoin dropped sharply, breaking below the $62,000 support level and falling over 6.18% today. This pullback, despite the overall bullish mood recently, was driven mainly by overleveraged positions and the classic “buy the rumor, sell the news” scenario, especially following the SEC’s approval of multiple spot Bitcoin ETFs.
On top of that, a wave of liquidations increased selling pressure, further contributing to the price decline. While the long-term outlook remains positive due to factors like the upcoming halving and growing institutional interest, short-term corrections are expected as traders take profits and the market consolidates.
The current downtrend could extend towards the lower support levels of $59,200 and $57,500, as suggested by the technical chart.
Best of luck, traders!
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what do you think about BTCUSD?Commento
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