The long-term forecast has always been done by comparing the previous rallies, which appear too similar to trigger a healthy breakout. Besides, in the short term, Bitcoin and the entire crypto space have remained stuck under bearish influence. Moreover, ever since the launch of the third largest meme coin, PEPE, most of the liquidity within the markets has flown into the meme-coin, drying up the reserves of the major tokens.
Bitcoin is witnessing dreadful days as the price is about to close the 7th consecutive red candle for the first time in 2023. Meanwhile, the volume continues to remain at the lower end, which indicates that traders are liquidating the token to jump into the ‘Memecoin Mania’. As per the data from Coinglass, the total liquidation in the past 24 hours stands at around $144.71 million, with the single largest swap being BTC to USDT at $2.61 million.
Besides, BTC options traders were also deeply impacted by the $50 million liquidation breach in the past 24 hours, while $42.83 (84.7%) worth of long positions just got liquidated amid the recent drop. So what’s next for the BTC price?
The BTC price, after the recent rejection from the highs, dropped towards the lower support, accomplishing the double top pattern. While the fresh plunge accomplished the breakout from the neckline, which may lead the rally toward the lower support. Therefore, the BTC price, as shown in the above chart, is speculated to reach below $25,000 during the coming weekend if it fails to hold the interim support at $26,000.
Collectively, the BTC price continues to hover under extreme bearish influence as the selling pressure mounts extensively. This is not due to the enhanced selling activity but majorly due to absence of the bullish activity within the markets. Hence, the bulls are required to gear up and prevent the Bitcoin price to foresee lower targets.
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