The crypto market is experiencing serious selling pressure, leading to major price declines across the board.
Bitcoin (BTC) lost 6.5% of its value in just 24 hours and briefly dipped below $59,000. At the time of writing, the cryptocurrency managed to rise above the $59,000 level.
The 24-hour trading volume hit $36.6 billion as BTC’s market cap reached $1.17 billion.
Ethereum (ETH) also took a nosedive and is currently trading at $2,440 after losing 10% in the past 24 hours with $16.75 billion in trading volume.
In the past 24 hours, $311.29 million were liquidated from the market with $281.59 million being long positions and $29.70 in shorts. Out of all these positions $100.08 million were in Ethereum and $93.74 million were in Bitcoin
The 1-day technical analysis from TradingView seems extremely bullish as the summary and moving averages show “strong sell” at 17 and 15, respectively, while oscillators remain “neutral” at 8.
Raoul Pal, CEO of Real Vision and a prominent macro analyst, believes Bitcoin (BTC) is poised for significant breakout rallies, driven primarily by rising global liquidity.
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A well-known crypto analyst believes Bitcoin (BTC) is poised to start a major bull run.