Earlier today, BTC experienced a significant pullback post Wall Street open, falling to $36,470 with a daily loss exceeding $1,000. This pattern echoed previous weekly events where Bitcoin struggled to maintain new highs, resulting in long liquidations. Today’s market saw $21 million in BTC longs liquidated, a notable decrease from the $120 million liquidated on Monday.
Despite the current pullback and liquidations, some market analysts like CrediBULL Crypto view this as an opportunity for accumulation, suggesting there might be a retest of the local bottom at $34,600. In the last 24 hours, CoinGlass reported market liquidations totaling $217.79 million from over 77,200 traders, with Bitcoin accounting for $61.42 million of this amount.
The broader cryptocurrency market has mirrored Bitcoin’s downturn. Ethereum (ETH) fell 4.2% to $1,962.13 despite positive sentiment earlier in the week following news of BlackRock (NYSE:BLK) iShares Ethereum Trust’s application with the SEC. Other major altcoins including Solana (SOL), Cardano (ADA), and XRP also experienced price declines.
Market observers are closely watching for further developments on the U.S.’s first Bitcoin spot price ETF. Material Indicators suggested that another attempt at reaching the $38k – $40k range is plausible despite concerns over a potential market correction. Any news on the ETF could act as a catalyst for Bitcoin’s price direction.
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Source: Cryptocurrency - investing.com
