Important collection restaurants
The reason behind the price drop of Bitcoin Today could be the rapid settlement of the livered long positions after the sales pressure had yielded a correction of $ 122k in the past two weeks. The liquidations have activated a cascade and sent BTC to $ 115,000.
Bitcoin [BTC] had fallen from 5.8% of his all time high made for $ 123,091 on July 14.
BTC had fallen by 2% in the last 24 hours, at the time of the press, and his DAily Handelsvolume has risen by 24.6%. This suggested a flurry of sales activities in recent hours when the price under the local support of $ 116k dropped.
The border conflict in Thailand-Cambodia was probably one of the reasons that Bitcoin sent his withdrawal.
However, this local conflict cannot affect crypto prayer in the long term, although it may have caused a risk-off sentiment among investors in the short term.
The Bitcoin Spot ETF flows have been negative from the 21 to 23 July. This also showed Bearish sentiment, but July 24 saw $ 226 million inflow, although BTC fell 0.35% on the day.
This price dip is probably powered by activity on the derivatives market, including large -scale long liquidations and Profitable activity by investors.
Liquidations float Bitcoin down, but they can also generate a rally
In the last 24 hours there were $ 144.8 million in liquidations for Bitcoin, with $ 128.77 million long positions. The price determination under the local support levels of $ 117k and $ 116k has led to a modest drawing.
In earlier cycles, 20% to 30% drawing during bull runs were common. That is why a movement of 5.8% was nothing to panic for investors. In the meantime, traders must be careful.
In one Post on XCoinglass noted that 10k Bitcoin Open Interest (OI) was added to the BTC/USDT pair of Binance.
This happened while Bitcoin tested the $ 115k round number as support. The enormous intake of OI promised volatility in both directions.
Source: BTC/USDT on TradingView
The 4-hour graph showed that the $ 116k $ 117k short-term support zone has been crushed.
The high trade volume in the past hours showed Bearish and heavy sale. This can send prices to the next key question zone for $ 111k- $ 112k.