Bitcoin Bears Upset! 400 Million Dollars Evaporated!

Increasing Chinese pressure and fluctuations in global markets have also affected Bitcoin in recent days. While the rise in the dollar index suppressed all commodities and indices, we observed that Bitcoin also retreated to $ 40600.

In our analysis dated September 29, we stated that the technical indicators in DXY are in the overbought zone and that Bitcoin and altcoins may rise with the pullback to be experienced here in the coming days.

Today, with the dollar index falling back to the level of 94, Bitcoin rose as high as $ 47886.

With this rise, we observe that the downtrend from $52,000 is broken. Whether this uptrend is a shorting operation or a real uptrend, this trend will perform at support. Currently, most of our average and trend supports are at the $45,000 to $44,000 levels. As long as this level is maintained, we can look at the market positively.

When we look at the balance sheet of the sharp rise in Bitcoin, we see that close to 400 million dollars of positions have been liquidated in the last 4 hours.

*Not Investment Advice.

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