Bitcoin Drops Below $29.5K: Is Bearish Pressure Chasing BTC Price?
• Bitcoin’s value has recently decreased, plunging under the $29.5K threshold following a bullish breakout.
• Data from Glassnode and Coinglass reveals that BTC short positions worth $28 million were liquidated, with an additional $13.8 million liquidated following the recent plunge.
• The market capitalization of BTC has seen a significant decrease, with a loss exceeding $14 billion in just a day.
Bitcoin Value Drops Below $29.5K
Recently, Bitcoin’s value has experienced a substantial decrease, plunging under the $29.5K threshold despite previous bullish confidence among traders due to MicroStrategy’s BTC purchase plans. This suggests bearish pressure is chasing BTC price and indicates that the recent surge may have been a trap for traders.
BTC Addresses Head Toward Loss
According to reports by Glassnode, the quantity of Bitcoin addresses in loss (based on a seven-day Moving Average) reached an approximate peak of 14.043 billion earlier today, setting a new one-month record surpassing the previous high of 14.041 billion observed on July 31st 2023. This trend implies investors who purchased BTC at high prices are currently facing losses due to recent price volatility.
Short Positions Liquidated
Data from Coinglass reveals that BTC short positions worth $28 million were liquidated, with an additional $13