Bitcoin’s Current Hang‑On: Trying Not to Drop Below $65K
Today, Bitcoin (BTC) is hanging on around the $65,000 mark, showing a tentative pause after its recent slide. The digital gold seems to be finding safety in the low waters of its daily and weekly charts, but the on‑chain whispers are a mixed bag: FOMO is taking a dip, and selling liquidity has gone belly‑up.
Liquidation Low‑down: Who’s Getting the Bail‑out?
Coinglass’s liquidation feed paints a picture of traders who had to close positions as BTC shivered against them. In the last 24 hours alone, $72.60 million of Bitcoin got liquidated, and $49.62 million of that came from long positions. That’s a tall order for anyone who thought BTC was a buy‑and‑hold bull.
- Big spike in selling momentum = most high‑leverage longs get wiped.
- Invoices of pending buy orders spring into action, letting a few traders snag a large position without spooking the market.
- Bottom‑forming peach? Possibly, if the sell pressure keeps easing.
What The Charts Are Saying (and Why It Matters)
The weekly chart has a dampened vibe: a bearish engulfing candle wipes out a long‑term wedge that started at the all‑time high of $73,845. Over‑night, Bitcoin dropped 5.1%, and the trend looks more like a slow‑throttle cruiser than a bullet.
Daily Tease
Daily data points to a warmer selling week, but here’s the kicker:
- When Bitcoin’s market dominance slips, crypto alternatives get a chance to shine.
- BTC has been toning down while other coins have been having their moment at the top of the charts.
- Break away from the current $65K–$73K band and watch the alt‑coin drama unfold.
Short‑Term Forecast (Because Long‑Term Makes No Sense in Crypto Frauds)
The consensus is that Bitcoin’s dominance will hover between 58‑60% before any major rebound. Hold on! The market might dip again before the promised “halving‑boost.” Here’s a quick checklist:
| Candlestick | Indicator |
|---|---|
| Daily | Parabolic SAR shows continuous decline |
| Potential Support | $60,000–$55,000 |
Long‑term investors might still consider Bitcoin a safe haven, but for now, it’s a Volatility Goldmine. If you’re hoping to ride the wave, keep your eyes on those support zones and watch the market dominance play out.
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