- BTC has continued to trade below the $61,000 price range.
- BTC saw more than $142 million liquidated over the past two days.
Bitcoin [BTC] has seen a decline in recent days, leading to a significant number of liquidations. As Bitcoin’s value has fallen, traders and investors have had to navigate these volatile conditions, which has contributed to the recent swings in market sentiment.
Bitcoin continues to fall
An analysis of Bitcoin (BTC) on a daily time chart revealed its most significant decline in four months.
According to AMBCrypto, BTC fell 5.93% on August 2, from about $65,293 to about $61,418. This was the biggest single-day drop since April.
By the end of trading on August 3, BTC had fallen further to around $60,674, down 1.24% and below the $61,000 price range.
Source: TradingView
At the time of writing, the decline continues, with Bitcoin trading around $60,143, marking an additional drop of almost 1%. These consecutive declines caused BTC to break its support level, which was maintained at around $61,000 by the long moving average (blue line).
Moreover, the Relative Strength Index (RSI) has fallen below 40, indicating an intensification of the bearish trend.
Long Bitcoin liquidations continue
Over the past seven days, Bitcoin has experienced remarkable dominance long liquidation volumes.
Over the past two days, total liquidation volume exceeded $142 million. On August 3, liquidation volume was almost $60 million, while long positions represented almost $43 million.
Total liquidation volume during the previous trading session was approximately $83 million, with long positions approaching $67 million.
Source: Coinglass
Moreover, the financing rate has shown volatility in recent days.
At the end of the most recent trading session, the funding rate dropped significantly from around 0.008% to around 0.0036%.
However, there were fluctuations over the past eight hours, rising again to around 0.008% before falling back down to around 0.004%. These movements indicate significant uncertainty and volatility in the market, impacting both liquidation volumes and funding rates.
New addresses see mixed movements
As Bitcoin’s price tries to stabilize, the number of daily new addresses is also showing volatility.
There has been a noticeable decline in the number of new addresses over the past three days.
Read Bitcoin (BTC) price prediction 2024-25
According to data on Glass junctionthe number of new addresses was around 334,000 at the beginning of the month, after a slight peak at the end of last month.
However, this number has since fallen to around 304,000 at the time of writing. This decline in new addresses may reflect cautious sentiment among potential new market participants amid the current price instability.