Bitcoin decreases to 97 thousand dollars, as markets begin to collapse amid fears of the trade war
The price of Bitcoin decreased to $ 97,000 today, a decrease from levels of $ 109,500, as global financial markets see a widespread decrease.
Merchants are scrambling to cover their positions after US President Donald Trump Declare 10 % tariffs on China, and 25 % for Mexico and Canada on February 1.
Now February has always been a bullish month, so the Bitcoin’s fall leads us to ask whether things might be different this year. After all, we are witnessing the strangest case of the Taurus market in history. Does anyone know even what is happening anymore?
The pressure dominated the pressure throughout the day, prompting Bitcoin to test the support level of $ 96,000. The BTC/USD chart shows failed attempts to recover to $ 98,000. If the support is at $ 97,000, the next target price sits between 95,000 dollars and 96,000 dollars, and it can also be observed in the graph below.
The qualifiers rise to between 872 million dollars, with merchants fleeing
The markets of the derivatives have struck severely. Data from Coinglass shows that the volume of trading on Bitcoin derivatives increased by more than 100 % to 94.15 billion dollars, but the open interest decreased by 1.49 %, which means that traders are closed in fear of losses.
Funding rates on bitcoin constantly positive contracts are still positive, which means that long situations continue to control, but the imbalance quickly has become a responsibility.
Within the past 24 hours, there have been $ 872 million of encryption qualifiers, as Bitcoin’s long jobs represent $ 762 million in this total. Placing $ 9.67 million on Bitfinex was the largest individual filter. BitFinex analyzers warn that if Bitcoin prices continue to decline, excessive long situations will face more forced liquidation, which leads to successive sales.
Despite heavy sale, some traders reserve hope for recovery near $ 97,000, but this support is still fragile. The historical price procedure shows that similar liquidation events often drive prices to re -test the low ranges before stability.
The technical indicators show the responsible bears
The MACD index has turned negative, with the MACD line crossing the bottom line crossing, which is a major sign of a strong landmark. The chart can accommodate the MACD scheme in negative lands, and this mainly tells us that this is not a short -term decline but is part of the reflection of the larger direction.
Meanwhile, the American Football Conference Index in Bitcoin decreased to 47, which puts it in a neutral area but approaches excessive sale levels, and if the relative strength index decreases to less than 40, it is possible that the pressure pressure will increase.
The graph also shows a series of highest levels and lower declines, which is a textbook mark for a declining market structure. Now any attempt by Bitcoin to re -test the resistance level of $ 99,000 can fail without stronger purchase.
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