Crypto Blog
Bitcoin’s price has experienced a massive decline in the past 24 hours, dropping more than 10% and sending a lot of investors into panic mode.
Both $60K and the 200-day moving average, located around the $61K mark, have been broken to the downside. BTC is currently trading at around $50K and could soon test the $48K support level. Yet, with the RSI showing oversold values, the price might find a bottom soon, even for a short while.The 4-hour chart depicts an almost vertical decline since the breakdown of the $60K support level. With the $54K July low getting broken through, the market structure is very bearish at the moment.
The futures market has once again caused problems for Bitcoin, as the price has been in a free fall as a result of a massive long liquidation cascade. This event can be clearly seen on the Funding Rates metric chart.
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