As Bitcoin struggles to maintain its upward momentum, the cryptocurrency market is witnessing a significant sell-off, with over 40 million long positions being liquidated.
This massive sell-off has increased anxiety among investors and analysts, leading to a deeper look into the reasons for Bitcoin’s current price drop. By press time, the price of BTC was trading at $64,888, a decrease of 2.38% from the intra-day high.
BTC/USD 1-day price chart
The recent sell-off comes amidst persistent resistance faced by Bitcoin, despite its attempts to consolidate above the $66,000 mark. Moreover, technical indicators like the TD Sequential have flashed warning signals suggesting a possible Bitcoin price trajectory change.
However, analysts caution that if BTC fails to hold above its critical support level of $65,000, which it has, then it may see further selling pressure and may facilitate a more profound decline in price.
Bitcoin Funding Rate Turns Negative Post-Halving
Adding to the downwar
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