INSUBCONTINENT EXCLUSIVE:
$74,000.Bitcoin (BTC) price has declined by more than 4.6% over the last seven days after rallying to $109,000 at the beginning of last
week.Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin dropped by as much as 5% on June 22 to a low of
$98,240 from a high of $103,400.BTC/USD daily chart
nuclear sites were targeted by US airstrikes
The ensuing sell-off has left market participants wondering how much deeper the price can go.Bitcoin takes liquidity tumbling below
$100,000BTC price fell as low as $98,240 on June 22 after US President Donald Trump confirmed strikes on nuclear facilities in Iran
This extended the drawdown from the May 22 all-time high of $112,000 to 12%, which was accompanied by significant liquidations across the
derivatives market.The 24-hour crypto market liquidations hit $672 million, per data from monitoring resource CoinGlass
Bitcoin ate through long liquidations with ease, wiping out more than $238 million in long positions between June 22 and June 23.Crypto
liquidations (screenshot)
Source: CoinGlassBuyers stepped in at the $99,300-$98,500 range to bring the price back into six figures
However, as shown in the chart below, more bid orders appeared between $98,000 and $97,000.BTC/USDT liquidation heatmap
On longer time frames, the liquidity clusters are just above $80,000, which, according to popular Bitcoin analyst AlphaBTC, remains a key
top or an inverted U-shaped pattern on the daily chart (see below)
Bulls are now focused on defending the psychological level at $100,000
Below that, a key area of interest lies between $95,000 (where the 100-day and 200-day simple moving averages appear to converge) and the
breakdown from the rounded top formation, ushering BTC into a prolonged downtrend with the technical target at $74,730, or down 27% from
current levels.BTC/USD daily chart
Source: TradingViewThe relative strength index, or RSI, is at 41 and has dropped from 64 on June 9, suggesting that the downward momentum
has been steadily building up.As Cointelegraph reported, $100,000 remained a key support level for the BTC/USD pair, and if lost, it will
open the door to a deeper correction toward $93,000 or lower.This article does not contain investment advice or recommendations
Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
