Bitcoin hits six-month low; faces potential drop below $40K.
The market cap falls 14%, with $1 billion in liquidations.
In a dramatic turn, the cryptocurrency market has experienced a major setback, with the total market capitalization plunging by 14% in the past 24 hours. This drop saw assets worth $1 billion liquidated from the crypto market, marking one of the steepest declines in recent history. Bitcoin, the leading cryptocurrency, has been particularly hard hit, falling 13% to a six-month low of $49,121, which has unsettled the crypto community. Despite this, Bitcoin’s trading volume surged by 186% during the same period.
Currently, Bitcoin faces intense selling pressure, with its daily Relative Strength Index (RSI) at a low 24. Analysts suggest that this technical breach could signal a potential decline to $40,000. Traders are also experiencing their most negative unrealized profit margins since November 2022.
Additionally, the annualized three-month futures premiu
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