Assessing the factors contributing to Bitcoin's current bearish phase.
While Bitcoin has continued to plunge by over 20% from its peak, from the technical perspective, there is potential for recovery.decline of about 21%
This scenario seems to be somewhat different today. While there’s a noticeable increase in long-side liquidations, Check observes that the overall futures open interest isn’t alarmingly high compared to the market size, indicating that derivatives might not be the primary driver of the current sell-off.He notes a significant shift in the Cumulative Volume Delta , which has swung into sell-side pressure, indicating that sell orders are outpacing buys by approximately $50 million per day.
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