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After another strong play to the highest level ever last week, Bitcoin’s price struggled to build on its last upscale momentum. Over the past few days, the first cryptocurrency has been slow and exactly open.
On Friday, June 20, Bitcoin price achieved great success – with the rest of the encryption market – and briefly fell under the brand of $ 103,000. However, the latest market data indicates that the price of BTC may have some stability after the last round of the long qualifiers.
BTC is preparing for a group of “the most healthy work”: analyst
In a quick post on the Cryptoquant platform, the Amr Taha series Make up The dynamics between the price of bitcoin and the last long liquidation event. According to The Pundit online, the market leader can prepare for more stable price procedures in the next few weeks.
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Taha revealed that the $ 103,000 liquidation group, which carries a large size of excessive long situations on Binance, has been removed. This is a series of long qualifiers after the bitcoin price dropped towards the level of 102,500 dollars on Friday evening.
According to Cryptoquant data, low prices in the long qualifiers on Binance, the largest stock exchange in the world through trading, exceeds 160 million dollars. The analyst on the series indicated that this long liquidation event also coincided with a major change in the size of Taker Net Bitcoin on the exchange of cryptocurrencies.
Taha highlighted that the size of the pure council moved to the depth of negative lands, as it decreased to nearly 100 million dollars last day. As observed in the graph below, this last diving is the third time that the size of Taker Net decreased to this level in June.
According to Taha, the change in this measure indicates that aggressive sale exceeds the purchase activity during the liquidation event. The series analyst defines two possible reasons for this trend, including that long positions were forced to close, prompting sale orders to the market as bitcoin price fell to less than $ 103,000.
Taha added that some sections of the retail merchants in Bitcoin may have paid the panic button and filled new sales orders for fear of more losses. In the end, the encryption analyst concluded that a mixture of long qualifiers and a very negative net tunament size may not be completely bad for the main encrypted currency.
Taha said:
While such events often feel destroyed at the present time, they set the foundation for a healthier work. Looking at these dynamics, a lower resistance path may now turn up as bitcoin settles the main support levels with decreased general expenditures.
Bitcoin price at a glance
As of the writing of these lines, the BTC price is about 103,450 dollars, which reflects a decrease of more than 1 % over the past 24 hours.
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Distinctive image from Istock, tradingvief chart
