cryptocurrency The market has been in a correction wave for some time. With $500 million worth of positions liquidated in the last 24 hours, investors are wondering if this signals the end of the bull market.
A sharp selling wave prevails in the market. This makes the situation worse with lots of liquidations. Only in the last 24 hours BitcoinIt is observed that it is faced with a liquidation of 107.14 million dollars and the total liquidation volume exceeds 500 million dollars.
Bitcoin’s price performance has declined sharply from recent highs and is currently hovering below $60,000 levels. The charts show BTC breaking below short-term moving averages, which are typically considered support levels. This may indicate that the bullish momentum in the cryptocurrency market is weakening.
The price is now close to the 50-day moving average (around $56,276), indicating a sharp decline from the peak. If this level fails to hold, the next significant support will be near the 100-day moving average (around $51,819). A fall below this level could lead to increased selling pressure and potentially the start of a longer bearish phase.
Cryptocurrency Market Fluctuates
This prolonged correction creates uneasiness in the market because it indicates that investor sentiment may shift from positive to cautious or even outright pessimistic. This is a worrying sign, especially as the market is expected to stabilize after a correction near $70,000.
On the other hand, the severity of the current fluctuation surprised many people. As the market experiences this severe correction and faces the possibility of a trend reversal, it is critical that participants remain cautious and remain as liquid as possible. Focusing on the long-term outlook rather than short-term fluctuations is the optimal strategy amid the unexpected market volatility we are currently witnessing.
