BTC price nears $26K amid warning Bitcoin sell pressure can ‘double’

“Drying liquidity” costs BTC rate essential supportData from Cointelegraph Markets Pro and TradingView revealed BTC cost action tracking sideways after a single day-to-day candle generated 8% losses.The largest cryptocurrency saw a waterfall of liquidations across derivatives markets, with these accounting for an “outsized” majority in the middle of reasonably slack area selling.”This feels like yet another indication of the drying liquidity markets have seen over the last couple of weeks,” monetary commentary resource The Kobeissi Letter added in part of its own reaction.Analyst: Spot sell volume still 50% below 2023 highAs BTC price wandered gradually toward $26,000, market participants diverged over the real nature of the circumstance and its future implications.Related: How low can the Bitcoin rate go?For popular trader and analyst Rekt Capital, the picture was bleak– a double top formation for BTC/USD in 2023, and a complete lack of support from trend lines and moving averages during the breakdown. Source: Rekt Capital/XOthers were more positive, including trader CryptoCon, who identified crucial two completed tasks typical to successful BTC price rebounds during bull market retracements.These involved relative strength index (RSI) values bouncing at the 0.382 Fibonacci retracement level.

“Drying liquidity” expenses BTC cost essential supportData from Cointelegraph Markets Pro and TradingView revealed BTC cost action tracking sideways after a single daily candle spawned 8% losses.The largest cryptocurrency saw a waterfall of liquidations across derivatives markets, with these accounting for an “outsized” majority amid fairly slack spot selling.”This feels like yet another sign of the drying liquidity markets have actually seen over the last few weeks,” financial commentary resource The Kobeissi Letter included in part of its own reaction.Analyst: Spot offer volume still 50% listed below 2023 highAs BTC price wandered slowly toward $26,000, market individuals diverged over the real nature of the circumstance and its future implications.Related: How low can the Bitcoin price go?For popular trader and expert Rekt Capital, the photo was bleak– a double top development for BTC/USD in 2023, and a complete lack of assistance from pattern lines and moving averages during the breakdown. Source: Rekt Capital/XOthers were more optimistic, consisting of trader CryptoCon, who identified essential 2 completed tasks typical to successful BTC price rebounds throughout bull market retracements.These involved relative strength index (RSI) values bouncing at the 0.382 Fibonacci retracement level.