Bitcoin opened Monday at $102,573 and retraced as it experienced a massive increase in selling pressure. The coin dipped due to the pressure, breaking below $100k. It continued downwards until it rebounded at $97,750.
The apex coin met buyback at the low and is recovering. Currently trading above $99k, the bulls resumed the buying. However, the asset grapples with significant selling congestion at $99,000, making it harder to reclaim $100k.
Nonetheless, BTC’s current decline is a spillover of the previous day’s bearish trend. It lost over 2% as it closed at $102k. Monday’s dip marks the third day of consecutive declines.
Trader were shocked by the latest declines. It met with several reactions. Bitcoin proponents called for calm amidst the ongoing downtrend. One such is CZ Binance. He posted on his X account, advising traders to stick to fundamentals. He added that “A hot market may have many “opportunities” or “quick returns.” But it is best to stick with fundamentals.”
While CZ comment came following the previous day’s dip, another industry personality gave his unbiased assessment. Arthur Hayes predicts that Bitcoin may dip to $75k or $70k. However, the coin will see massive increases after the dip.
BTC Sees More Selling Pressure
Data from CryptoQuant shows that investors are becoming increasingly bearish. The exchange reserves are increasing as they dump more assets. More is to come as traders move 150% more assets to these trading platforms.
Massive bearish sentiment is prevalent in the market at the time of writing. The fear and greed index is 55 from 61 the previous day. Market players from several key regions show weaker buying pressure than the previous day. The Coinbase premium is negative as US investors continue selloffs. The same reading is present in the Korea Premium.
Bitcoin’s taker buy-sell ratio is below 1, indicating the negative state of the derivative market. Nonetheless, the bulls are gradually catching up as the number of filled buy orders is progressively increasing. Open interest remains relatively low.
However, traders lost over $860 million in the last 24 hours. They lost over $260 million trading BTC, with long position making up over 90% of the total liquidations.
