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Daily Crypto Liquidations: Bitcoin Sub-$60K Levels in Focus

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Daily Crypto Liquidations: Bitcoin Sub-$60K Levels in Focus

Bitcoin experienced a drop in price to a two-week low as new spot price exchange-traded funds (ETFs) failed to meet expectations. The decline began during the Asia trading session, causing BTC/USD to lose support at $61,000. This led to a significant increase in liquidations across the crypto market, totaling $275 million in just 24 hours. The introduction of Bitcoin ETFs in Hong Kong also contributed to the bearish sentiment, as trading volumes on the first day fell below expectations. Despite this, the $12.4 million in trading volume was still considered impressive for the local market.

Bloomberg Intelligence analyst Eric Balchunas provided a positive perspective on the performance of the Hong Kong Bitcoin ETFs. He compared the trading volumes to those in the US, stating that although they were lower, they were significant considering the size of the local market. Balchunas also noted that the timing of the Hong Kong launch would impact overall spot ETF flows, particularly as US volumes had turned slightly negative. Reports from investment firm Farside confirmed that for four consecutive days leading up to April 29, there were net outflows in US ETFs.

Market participants were closely watching two key levels for a potential reversal in BTC price weakness. The 50-day exponential moving average (EMA) and the $60,000 support level were identified as crucial levels to monitor. Co-founders of on-chain analytics firm Glassnode, Yann Allemann and Jan Happel, stated that breaching the $60,000 support level could lead to further stability at around $52,000, which historically attracts buyers and reinforces an uptrend. Other traders also highlighted the importance of the 21-day EMA and expressed concerns about Bitcoin futures being shorted, which raised doubts about nearby support.

The disappointment surrounding the new Bitcoin ETFs in Hong Kong, coupled with the drop in price and concerns about shorting Bitcoin futures, created a bearish sentiment in the market. Some analysts remained optimistic, suggesting that certain support levels could lead to a reversal in the ongoing consolidation range. The performance of Bitcoin in the coming days will be crucial in determining whether the market sentiment shifts towards a more positive outlook.

10 thoughts on “Daily Crypto Liquidations: Bitcoin Sub-$60K Levels in Focus

  1. Will Bitcoin ever find its stability again? The ongoing consolidation range is making me nervous

  2. I had high hopes for the Hong Kong Bitcoin ETFs, but it seems like trading volumes fell short of expectations

  3. Keep calm and HODL on! These price drops are just part of the wild ride that is the cryptocurrency market.

  4. It’s frustrating to see Bitcoin’s price drop to a two-week low. Will it ever stabilize?

  5. Stay optimistic, friends! The cryptocurrency market is full of ups and downs, but it’s the ups that keep us excited for the future.

  6. Holding out for certain support levels to turn things around. Fingers crossed! 🤞🌈

  7. The future of Bitcoin seems uncertain at the moment. Here’s hoping for a positive shift soon

  8. It’s crucial for Bitcoin’s performance in the coming days to bring some much-needed positivity to the market

  9. Despite the drop in price, the resilience of Bitcoin has always been impressive. Let’s see what the coming days have in store! 🌟💪

  10. Bloomberg Intelligence analyst Eric Balchunas sees the positive side, comparing the trading volumes to the US. It’s all about perspective! 📈🔍

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