Bitcoin experienced a significant downturn this week, with its value dropping by nearly 6.50%. This decline was primarily triggered by the liquidation of long positions in the market.
The $109,000 support level has become a focal point for analysts, as breaking below it could lead to further losses. A notable outflow of $484 million from Bitcoin ETFs underscores diminished institutional interest during this period.
This week saw Bitcoin’s price plummet to around $109,000, marking a substantial 6.50% decrease. The fall followed extensive liquidations in the crypto sector, predominantly affecting long positions and signaling a shift in investor sentiment.
Crypto analyst Ted emphasized that maintaining the crucial support level at $109,000 is vital for any potential recovery. Should Bitcoin hold steady here, it might aim for targets at $112,000 and possibly even higher at $115,000.
Source: X
Analyzing Bitcoin’s Support Dynamics
The recent analysis from Crypto Robotics noted an attempted breakout by Bitcoin on Thursday that didn’t sustain itself; after testing near the $113,800 mark briefly reversed course sharply downwards into areas between approximately $111600-$110500 where heavy trading volumes were recorded confirming market imbalance due lack sustained momentum beyond key thresholds previously established within marketplace framework structure itself…
Source: X
A Week Marked By Sharp Declines And Shifting Market Sentiments
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