Why is Bitcoin down today? – $144M in liquidations, profit-taking & more…
Main Idea
Bitcoin's price decline is attributed to large-scale liquidations, profit-taking, and negative ETF flows, though historical trends suggest such drawdowns are common during bull runs.
Key Points
1. Bitcoin's price fell 5.8% from its all-time high, with $144.8 million in liquidations in the past 24 hours, $128.77 million of which were long positions.
2. Negative Bitcoin spot ETF flows from July 21-23 indicated bearish sentiment, though July 24 saw $226 million inflows despite a 0.35% price drop.
3. A 20-30% drawdown during bull runs is historically common, making the current 5.8% decline less alarming for investors.
4. The $116K-$117K support zone has been selling, potentially pushing prices toward the next demand zone at $111K-$112K.
5. Increased Open Interest (OI) during Bitcoin's retest of $115K as support suggests heightened volatility in both directions.
Description
The immediate explanation for why Bitcoin is down today could be down to the derivatives market.
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