Bitcoin (BTC) hit its lowest price in over two weeks on Monday, dropping below $77,000 at $76,711 amid a broader sell-off amid increased geopolitical tensions and liquidations. The decline comes as uncertainty around the US-Iran conflict grows and oil prices remain elevated at $111.2 per barrel.
According to CoinGlass data, in the past 24 hours, 107,532 traders were liquidated, and the total liquidations stand at $660.25 million. Of this, over $591.19 million came from ‘long’ positions, which points to aggressive selling of leveraged bullish bets.
Bitcoin liquidations got triggered when the cryptocurrency dropped below a crucial support level at $77,800.
Structural support remains between $76,000 and $76,800, and a sustained close above $80,000 would signal that selling pressure is exhausting.
According to Deribit data, bearish bets were concentrated at $77,500, with traders buying nearly $38 million in BTC put options of May 18 expiry, highlighting negative sentiment.
According to Sean McNulty, Asia-Pacific derivatives trading lead at FalconX, the sudden decline “appears to have triggered a stop run in the absence of any macro headlines.” The weakness was “compounded by lingering downside hedging from last week,” he added.
Bitcoin investor sentiment weakened further as spot Bitcoin ETFs suffered over $1 billion in net outflows last week for the first time since late January. The outflows reflected growing caution among institutional investors amid macroeconomic uncertainty and a surge in global volatility.
Additionally, the CoinMarketCap Fear and Greed Index slipped into the ‘Fear’ region from the ‘Greed’ zone at 50 on Thursday, indicating renewed risk-off sentiment
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The Relative Strength Index (RSI) dipped to 44, indicating that the asset's bull run is losing strength and the Moving Average Convergence Divergence (MACD) has continued its bearish trend since the previous crossover.
On the downside, the immediate demand can be spotted near the 50-day EMA around $76,716, and if a daily close slips below this level, it could invite a deeper pullback toward the 50-day EMA at $70,740.
On the upside, bulls need a sustained close above the 200-day EMA at $83,513 to reopen the way for fresh highs. Until then, BTC is expected to consolidate with a slight bullish bias.