Bitcoin

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-experiences-significant-decline-after-testing-support-line/" data-wpel-link="internal">Bitcoin Experiences Significant Decline After Testing Support Line</a><br></p>
<p class="p1" style="text-align: justify"><strong><a href="https://en.coin-turk.com/bitcoins-open-interest-movement-a-significant-trend-to-watch/" data-wpel-link="internal">Bitcoin</a></strong>, 4 July saw a drop of more than 2% due to the first retest of an important support line since October 2023. Data from TradingView highlighted new local lows of $57,885 on centralized exchanges following the latest daily close. Lack of sentiment and steady selling in spot markets created poor conditions for Bitcoin bulls.</p> 
<h2 class="p1" style="text-align: justify" id="what-is-happening-on-the-bitcoin-front">What Is Happening on the Bitcoin Front?</h2> 
<p class="p1" style="text-align: justify">Blockchain <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener" data-wpel-link="exclude">data analysis</a> platform CoinGlass showed that, at the time of writing, 24-hour Bitcoin long liquidations in the futures markets were approximately $60 million. Commenting on the latest price action, popular trader Skew noted that the BTC/USD pair crossed its 200-day moving average (MA) for the first time in 10 months:</p> 
<blockquote> 
 <p class="p1" style="text-align: justify">“So far, $63,800 spot selling has been the main driver of this trend since the rejection and reversal of the trend. Therefore, we need to see <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">market</a> demand and signs of reversal for this HTF MA average to act as a systematic trigger for the market. Otherwise, volatility and momentum are moving downward.”</p> 
</blockquote> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-367844 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/btc-gunluk.webp" alt="" width="1154" height="726"></p> 
<p class="p1" style="text-align: justify">The 200-day MA was at $58,400 at the time of writing and was still slightly below the spot price after a low time frame rise. The DecenTrader team pointed to a significant amount of long liquidations approaching $50,000 if the price drops further:</p> 
<blockquote> 
 <p class="p1" style="text-align: justify">“If the selling pressure continues on the Bitcoin front, then there remains a significant amount of 3x, 5x, and 10x long position liquidity between $51,000 and $52,000.”</p> 
</blockquote> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-367843 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/decentrader-scaled.jpg" alt="" width="2560" height="1396"></p> 
<h2 class="p1" style="text-align: justify" id="details-on-the-subject">Details on the Subject</h2> 
<p class="p1" style="text-align: justify">Meanwhile, Charles Edwards, founder of crypto asset fund Capriole Investments, saw clear factors affecting the recent negative trend. He argued that Bitcoin has seen significant selling pressure throughout the year, supported by data from blockchain data analysis firm Glassnode. US spot Bitcoin exchange-traded funds launched in January could not absorb these negative effects:</p> 
<blockquote> 
 <p class="p1" style="text-align: justify">“That’s why we haven’t gone up for months. Saylor, Michael Dell, ETF funds are all noise. When you look at the data of the four most important players in Bitcoin, we have net inflows of $24 billion into the market in 2024.”</p> 
</blockquote> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-367842 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/etf.jpg" alt="" width="1600" height="901"></p> 
<p class="p1" style="text-align: justify">Edwards emphasized that he did not see ETF funds as the only demand in the current market.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-experiences-significant-decline-after-testing-support-line/" data-wpel-link="internal">Bitcoin Experiences Significant Decline After Testing Support Line</a></h5>

Bitcoin Experiences Significant Decline After Testing Support Line

Table of Contents

COINTURK NEWS

Other articles published on Jul 4, 2024

Dormant Bitcoin Wallets Reactivate After 10 Years

New GambleFi Token Mega Dice Launches Staking Protocol as Presale Hits $1.5M Mark – the Next Roll...

FoundationLogic Unveils Silent Home Miner at Mining Disrupt 2024

Pendle DeFi Faces TVL Drop, New Catalysts on the Horizon

Justin Sun Plans Bitcoin Deal with German Government to Mitigate Market Impact

2024’s Best Crypto Presale Title Goes To BlockDAG Network After Stellar 1300% ROI; Eclipses XMR A...

Join our free newsletter for daily crypto updates!