ETFs Have Stepped Back
On the same day, other ETFs failed to make a mark or cover for the outflow. SoSo Value data, shared by reported WuBlockchain, showed that BlackRock’s IBIT had the biggest inflow, which was worth $49.28.
Bulls Are Trying to Neutralize Bears
From a technical perspective, Coin Edition noticed the glaring bearish bias around the cryptocurrency. According to the 4-hour BTC/USD chart, there has been a death cross with the Exponential Moving Average (EMA).
At press time, the 20 EMA (blue) had flipped below the 50 EMA (yellow). This is considered a signal that reinforces the downtrend. Also, Bitcoin’s price had dropped below the 50 EMA, indicating that the recent uptrend might be halted.
As it stands, BTC could decrease. If bulls are unable to keep up the pressure, the next target for the coin could be around $58,463. However, a surge in buying pressure could drive the coin to $70,202.
Furthermore, Coin Edition evaluated what was happening in the derivatives market. According to Coinglass, Bitcoin’s recovery caused massive liquidation in the market. As of this writing, over $317.55 million worth of BTC contracts had been wiped out.
This could either be because of high leverage or inadequate funding fees to keep the positions open. Out of liquidated positions, shorts accounted for more than half of the value. But that is not to say longs were left out, as volatility also caused some liquidation at their end.
Disclaimer:
The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
