While the BTC price fell by 8 percent, $576 million was liquidated. The structure around Bitcoin Open Interest (OI) remains weak. One analyst points to $63,000 for BTC. Accordingly, he says that it has entered a downward trend in the short term. In addition, the meme coin wind is also decreasing. PEPE Coin saw a 10 percent decline. However, WIF Coin is defying the decline.
Bitcoin long position worth $450 million was liquidated
The crypto market party seems to be coming to an end with Bitcoin price falling to $67,345. The broader cryptocurrency market has lost more than $200 billion in value in the last 24 hours. The selling pressure in the crypto market came as the US announced higher-than-expected PPI inflation data. Simultaneously, Coinglass data reveals that liquidations across the network reached a total of $576 million in the same time period, and long positions constituted $448 million of the liquidated amount. This widespread liquidation activity affected 167,000 people.
According to Santiment, Bitcoin’s price has fallen below the $70,000 level for the second time in just three days. Analysis of on-chain transaction volume highlights increased activity on the network. However, a positive aspect is emerging as holders begin to decline once again. This points to a necessary stage of surrender. Centiment data also reveals whale accumulation that has occurred in recent weeks. According to Santiment, key stakeholders in Bitcoin have played a significant role in the recent increase in market value over the past five weeks. Wallets holding 10 to 10,000 BTC have accumulated 154.16 thousand coins since February 4, accounting for approximately 0.665% of the total supply. Currently, the value of these assets exceeds $10.9 billion.
Pepe Coin (PEPE) Lost 13% Value
Pepe Coin (PEPE), a hypnotized meme coin, is down over 13% today. At the time of writing, Pepe Coin price is down 13.02% to $0.000009085. Thus, the market value became 3.81 billion dollars. In comparison, PEPE Coin 24-hour trading volume increased by 15.42% to $2.72 billion.
Dogwifhat (WIF Coin) Rises 13%
Solana-based meme coin Dogwifhat (WIF) is up an impressive 13%. Thus, it became the top gainer crypto for two consecutive days. WIF price is up 13.41% to $3.24 at the time of writing. Additionally, Dogwifhat crypto recently recorded a high of $3.49 amid the rally.
More Pain Awaits BTC Investors
cryptokoin.comAs you follow from , Bitcoin broke record after record this week. However, it has entered a downward trajectory for now. In his assessment of the current market dynamics, crypto analyst CrediBULL Crypto shared his views on the recent price movement, arguing that the expected upward momentum has not materialized and a potential bearish trend has emerged.
CrediBULL Crypto notes that the recent decline in prices has resulted in a decrease in the Open Interest (OI) accumulated in the market. However, despite this decline, the analyst suggests there is still room for further downside movement before reaching an assumed “baseline”. The analyst identifies a potential support level in the so-called “green zone” range between $63,000 and $64,000. According to the analyst, this identified range offers a logical area where a bounce or reversal in price could occur, potentially coinciding with the complete elimination of remaining OI accumulation.
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