Bitop Market Analysis Bitcoin Plunges to 66500 Ethereum Breaks Below 2700 Is it a Healthy Correction or Trend Reversal

CoinJie.com reported:
After reaching a high of $69,546 yesterday morning, “selling pressure began to emerge” for Bitcoin. Last night, it briefly fell below $67,000, but then rebounded to approach the $66,500 level around 8:30 am. At the time of writing, it is trading at $67,592, down 2.32% in the past 24 hours.
Currently, the upward trend of Bitcoin seems to have been interrupted. Whether this decline is a healthy correction or a result of major selling still remains to be seen.
Ether, on the other hand, is even weaker. After reaching a high of $2,769 yesterday, it continued to fluctuate and decline. At the time of writing, it is trading at $2,651, down 3.39% in the past 24 hours.
In the past 24 hours, the total amount of liquidation in the cryptocurrency market has exceeded $206 million, according to Coinglass data. Among them, long positions accounted for $174 million, and over 63,000 people were liquidated.
Although the liquidation data has increased compared to yesterday, it is not considered too serious based on historical data. However, investors still need to be cautious of potential volatility risks.
On the other hand, although the open interest of Bitcoin’s futures contracts on exchanges has fallen from the new high of $40 billion, overall it is still at a relatively high level. High leverage and positions make the market more prone to significant fluctuations, and investors should be aware of the risks.
This article is written by the analyst team at Bitop Market Research and Analysis. The content only represents personal opinions and does not constitute any investment advice. Analysis is time-sensitive and investment carries risks, so caution is advised when entering the market!