Crypto whales are aggressively buying the dip as major cryptocurrencies including Bitcoin and Ethereum, have seen significant price declines.
BTC exchange reserve data showed potential buying pressure from investors, as it has significantly fallen in recent days.
Additionally, the technical indicator Relative Strength Index was in an oversold area, indicating potential price reversal, which is a positive sign for investors and traders.Other on-chain data also supported this bullish outlook. CryptoQuant’s BTC exchange reserve data showed potential buying pressure from investors, as the exchange reserve has significantly fallen in recent days.Meanwhile, CoinGlass’s BTC Long/Short Ratio chart stood at 1.
Major liquidation levels were near the $56,760 level on the lower side and the $58,300 level on the upper side, as traders are over-leveraged at these levels.
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