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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Bitcoin And Crypto Drop In Danger Zone, What’s Next?

Jake Simmons
Jake Simmons
1 year ago
3 mins read
Bitcoin crypto

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Bitcoin and the broader crypto market have taken harsh losses over the past two days. After the BTC price was still trading above the psychologically important $30,000 price mark on Tuesday, a sharp downward correction followed on Wednesday, dragging the entire crypto market down with it.

And an even deeper correction cannot be ruled out. At press time, the BTC price dropped below $27,900, ETH traded slightly above $1,900.

A big reason for the sell-off in the crypto market in recent days was the funding rates on leveraged long bets. A large number of traders had recently opened bullish bets on a sustained rise in Bitcoin and Ethereum, an easy play for market makers to liquidate these positions through major sell-offs.

According to Coinglass, liquidations of leveraged positions exceeded $262.5 million across the crypto market yesterday (Thursday). This is the highest level so far this year and shows that the greed in the market was too high.

According to @coinglass_com data, yesterday saw the largest long liquidation event this year. pic.twitter.com/hzgx4fDeVJ

— ted (@tedtalksmacro) April 20, 2023

Every dip was bought by traders with leverage in anticipation of a bounce to the range high. This unhealthy market behavior needs to be flushed out of the market to create a sustainable price rise (as before) through spot buying.

Bitcoin And Crypto Continue To Be In The Danger Zone

Technical analyst and founder of Eight Global, Michaël van de Poppe, believes Bitcoin is not out of the danger zone yet because the price is currently exhibiting weakness:

Bitcoin is currently showing weakness. Broke back in the range, lost one of the crucial levels. Final crucial level is at $27,600. Could take liquidity below, but needs a fast recovery. If not, and no break of $28,800, then I suspect we’ll see $26,200.

From an on-chain perspective, the price level at $28,300 might be crucial as Bitcoin’s Realized Price – UTXO Age Bands (1 week to 1 month) is located here. As analyst Crazzyblockk writes via CryptoQuant, the level can be considered as a psychological level for people looking for short-term gains.

Related Reading

Bitcoin In Danger Zone: Bulls Must Hold $27,700 For Price Recovery, Expert Suggests

1 year ago

The reaction to this area could be instrumental in judging the strength or even weakness of the bulls. “If Bitcoin receives a reaction from the short-term at these levels, it will be a sign of renewed interest in holding and entry by these people, and if this level breaks, these players will continue to sell,” the analyst predicts.

Traders should also keep an eye on the US dollar index (DXY), as US dollar strength will be a headwind for the crypto space. As we reported in previous market updates, the DXY could initially gain strength in the coming weeks before writing new lows – as Glassnode’s co-founders expect.

Related Reading

Bitcoin and crypto

Buy The Bitcoin And Crypto Dip Or Wait? Market Update

1 year ago

While this does not change the overall bullish chart picture for Bitcoin and crypto this so far, soon key levels could come into focus. As renowned analyst Pentoshi stated today, the $25,000 area becomes crucial for a higher low on the larger time frames.

https://twitter.com/Pentosh1/status/1649233607355949056

Moreover, things could become problematic for risk assets if the US dollar continues its rally in the coming weeks and months. Remarkably, according to Bloomberg, hedge funds are betting on a significant rise in the US dollar for the first time in over a year.

At press time, the Bitcoin price was trading at $27,952, continuing the downward trend of the last two days.

Bitcoin price
BTC price, 4-hour chart | Source: BTCUSD on TradingView.com
Featured image from iStock, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

Read more

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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