The Bitcoin（BTC）price continued its correction on July4,dropping3.34%in the last24hours and5.82%in the lastweek.
Points
- BTCpricedroppedby3.34%in24hours,5.82%inaweek.
- Marketcapitalizationfellby4.23%to$2.13trillion.
- LongBitcoinpositionsworth$98.04millionliquidated.
Meanwhile,the total market capitalization has dropped by4.23%over the last24hours to rest at$2.13trillion at the time ofpublication.The42%leap in the total trading volume is testimony to thesell-sideintensity in the cryptomarket.
Data from Coinglass shows that over the last24hours,$98.04million worth of long Bitcoin positions have been liquidated against$22.6million worth of shortliquidations.
Approximately$333.1million of leveraged long crypto positions were liquidated in the24hours against$50.52million shortpositions.
BTC liquidationsacrossallcryptoexchanges.Source:Coinglass
“Bitcoinbouncing backup,now back above the200-dayEMA,”Bitcoin analyst Jellewrote—
ryptoJelleNL/status/1808908578897473552）a June4post onX.
The trader explained that if Bitcoin price produces a daily candlestick close above thislevel,“we’relooking at a successful sweep of thelows,”followed by a retest of the200-dayEMA and a potential bullish divergence from the daily relative strength index（RSI）.
https://x.com/52kskew/status/1808714751729619375
According to theanalyst,the latest drop seen in the price of the pioneer cryptocurrency has been fueled by“trendrejection andreversal”around$64,000.
“Soin order for this HTF MA to actually act as a systematic trigger for themarket,we need to see market demand&reversalsigns.”
At the time ofpublication,the Bitcoin price had coiled back above the200-dayEMA,currently at$58,256.
https://x.com/rektcapital/status/1808901317693247533
https://x.com/CryptoYoddha/status/1808684468544418096
https://x.com/el_crypto_prof/status/1808855894035198286
“I’mreally getting bottom vibes here for$BTC.”
https://x.com/el_crypto_prof/status/1808790879529763265
“Itlooks likewe’recurrently going to experience the true“Spring”-Eventin theWyckoff-ReaccumulationModel.”
Daan Crypto Trades noticed more than$200million in longs and has just entered its position onBitcoin’smove back above the200-daySMA.
“Betterhope this levelholds,or those positions will get taken outagain.Additionally,a big$30Mshort got squeezed out onBybit.”
CoinGlass data indicates that$57,615is a significant area of12-hourbid liquidity just below the spotprice,with about$24.61million in buyorders.
Bitcoin liquidationheatmap.Source:CoinGlass
This area could provide the demand pressure required to pull Bitcoin out of the extendeddowntrend.
This article does not contain investment advice orrecommendations.Every investment and trading move involvesrisk,and readers should conduct their own research when making adecision.