Bitcoin Price Faces Potential Retracement as Liquidity Targets $117,500 Amid Market Volatility and Rising Altcoin Froth
Main Idea
Bitcoin's price is targeting $117,500 liquidity amid market volatility, with potential for further retracement, while altcoin open interest hits record highs, increasing downside risks.
Key Points
1. Bitcoin (BTC) tested liquidity levels around $117,500, aligning with a liquidity sweep strategy, amid significant liquidations totaling $517 million in 24 hours.
2. Market experts warn of potential further downside pressure for Bitcoin before a possible rebound, with technical indicators suggesting a correction to around $113,000.
3. Altcoin open interest (OI) in derivatives markets surpassed $40 billion, a record high, raising concerns about increased volatility and downside risks.
4. Traders are advised to monitor liquidity levels and technical indicators to navigate the volatile market conditions effectively.
5. Despite short-term retracement risks, the medium-term outlook for Bitcoin remains cautiously optimistic, with some analysts projecting a rebound target near $138,000.
Description
Are You Chasing New Coins? Catch the newest crypto opportunities. Be the first to buy, be the first to win! Click here to discover new altcoins! Bitcoin’s recent price
Latest News
- Roman Storm’s Tornado Cash Trial Sees IRS Testimony Suggesting Possible Control Over Funds2025-07-23 22:29:39
- BitMEX Founder Arthur Hayes Suggests Ethereum Could Potentially Reach $10,000 This Year2025-07-23 22:29:24
- FTX Recovery Trust Sets August 15 Record Date for Potential Next Creditor Distribution2025-07-23 22:28:15
- Asymmetric Financial Considers Shifting From Liquid Trading Amid Solana-Linked Fund Challenges2025-07-23 22:15:27
- Tornado Cash Founder Roman Storm Allegedly Moved Millions Through Binance, Defense Cites Immutability2025-07-23 22:12:32