Bitcoin Drop: $660M Crypto Liquidations

IndustryTrends

Significant Sell-Off: Bitcoin experienced a sharp 7% decline, causing a market sell-off and liquidating over $660 million in cryptocurrencies.

 Widespread Impact: Nearly 200,000 traders were affected by the liquidations, with the majority being long position holders.

 Market Sentiment: The sudden drop may be linked to a change in market sentiment, possibly influenced by economic data from the United States.

Technical Indicators: Bullish divergences on the Money Flow Index and the Relative Strength Index suggest potential for a short-term market recovery.

Support Levels: If the downward trend continues, Bitcoin could see further corrections towards the $152 level.

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