$BTC is trending down into new value area

4 set

Liquidations have cascaded after a strong sell off happened into Asia open.

The drop has intensified probably because of Nvidia

NVDA, posted the biggest single-day loss of market cap by any stock in history today.

Open Interest ramped up noticeably as perps are trying to lift the market on ByBit and Bitfinex after the strong selling led by Coinbase.

Open interest has now completely reset and CVD is picking up as well.

We had a strong down move taking the previous low at 56k

Now what we want to see is for the price to find acceptance back into VAL (value area low)

If we can hold 56k here, I'm expecting a move toward 57.8k

And if we can flip 57k into support, an expansion to 58.6k to 59.2k is very likely.