Bitcoin price fell today after traders liquidated their longs due to sky-high funding rates, suddenly changing the positive sentiment to negative. A popular analyst predicted that BTC price can still slip to $40,700 if it breaks below the key support level.
Bitcoin Price At Key Inflection Point
Popular analyst Ali Martinez in a post on December 26 warned that Bitcoin is consolidating in a parallel channel since it rallied above $40,000 mark in November. This puts all focus on the $42,400 support level, a key inflection point for determining further price direction.
He predicts a sustained drop below $42,400 could take BTC price to $40,700. On the other side, a rebound from the support level can help renewed upside momentum toward $44,400.
CoinGape reported that funding rates going crazy today. The crypto market saw $40 million longs liquidated within just an hour. In the past 24 hours, 70,611 traders were liquidated and the total liquidations is at $170 million, with longs accounting
We współpracy z: https://coingape.com/bitcoin-price-risks-falling-to-40000-if-it-breaks-below-this-level/
