Bitcoin price decreased to less than 85,000 dollars: collapse to $ 76,000 on the horizon?
As the liquidation in the encryption market approaches $ 400 million, bitcoin falls momentum. Decorating with the support of $ 85,000, Bitcoin recorded a 2.78 % decrease in the day, creating a sunken candle.
This undermines healing from last week and warns of an extended correction. Will this re -test the $ 76,000 sign? Let’s discover.
Bitcoin price analysis
In the daily graph, the BTC price trend referred to a short -term recovery in a rising canal style. However, due to the existence of the prevailing landing direction, the bitcoin price is now a hobby sign.
Moreover, it warns retreat during the day, creating a sunken candle, from collapse. Brand below the EMA line for 200 days and domestic support line, warns the sudden increase in the width pressure of an extended correction.
The declining trend has been declined by a brand of $ 85,000 and is currently trading with a market value of $ 84,654. With the huge collapse in bitcoin prices, the broader market is witnessing a new wave of sale.
Derivatives are witnessing the fear market
As bitcoin prices drop, the derivative market takes great success. Bitcoin’s open interest decreased by 2.57 %, reaching $ 55.47 billion. Meanwhile, a long time to the past few hours has become very declining.
the Short situations It is now 59.28 %, with a long total ratio to a maximum of 0.6869. This indicates a huge increase in the number of sales sites.
Bitcoin price goals
Depending on the analysis of the price movement and the sudden increase in the homosexuality in the encryption market, the falling trend is likely to gain momentum. The collapse rally may find immediate support near psychological support of $ 80,000, followed by the horizontal level at 76,722 dollars.
However, if Bulls managed to see an exaggerated rejection, it is possible that the upward trend will reach the resistance level of $ 92,118.
