In the past 24 hours, Bitcoin (BTC) experienced intense selling pressure, dropping below $83,000. This drop led to the market’s fear and greed index reaching levels lower than FTX exchange’s fall. However, market analysts believe these conditions do not signify panic and selling time; usually, after intense fear conditions, a new uptrend begins. Bitcoin’s price is currently testing its 200-day moving average curve and the Relative Strength Index (RSI) has entered the overbought zone. Some analysts see this as an opportunity for price recovery and potentially starting a new uptrend. At the time of writing, Bitcoin is trading around $86,012, marking a 2.9% decrease in the past 24 hours. Daily trading volume has also decreased by 13.6% to $70.14 billion. According to Coinglass data, Bitcoin’s futures profit index has decreased by 6.3% to $53.6 billion. The amount of liquidation of positions has increased by $460 million in the past 24 hours, with $390.88 million of it being long positions. Meanwhile, yesterday, Bitcoin deposits to exchanges increased by $1.3 billion, indicating market anxiety and traders’ efforts to exit their positions. Although Bitcoin has decreased by 25% from its historical peak on January 20, experts still have a bullish view on this digital currency. Ki Young Ju, CEO of CryptoQuant, emphasized that a 30% correction in Bitcoin’s uptrend is natural, as the digital currency experienced a 53% drop in 2021 but eventually reached a new all-time high. You can monitor the live prices of all tokens and cryptocurrencies on the instant price page.
